President Obama outlined a series of initiatives the federal government would take to help people boost their retirement savings, including allowing them to direct tax refunds, pay raises and unused vacation pay to their nest eggs.

One proposal would make it easier for small businesses to automatically enroll workers in a 401(k) or individual retirement account, as large businesses are currently able to do. "We know that automatic enrollment has made a big difference in participation rates by making it simpler for workers to save, and that's why we're going to expand it to more people," Obama said during his weekly address.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.