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International Business Times UK
International Business Times UK
Niloy Chakrabarti

Kevin O'Leary Shares the Most Overlooked Reason Why Americans Can't Ramp Their 401(k) Contributions

Shark Tank star Kevin O'Leary believes 401(k)s are vital to securing financial futures of US workers. (Credit: Twitter / 8150 @8150Vail)

Although US workers understand that Social Security cheques are designed to support retirement earnings and not entirely replace monthly workplace income, most depend heavily on Social Security benefits to get by.

A good percentage of US retirees rely on monthly Social Security cheques to pay for food, shelter, bills, and even to support their families. As threats to Social Security benefits' continuity emerged this year due to federal actions led by the US Department of Government Efficiency, many eligible people are claiming benefits much earlier than planned, getting locked into lower monthly cheques for life.

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