401(k) milestone: Balances hit 10-year high mark
Are employees starting to get the importance of putting money into their 401(k)s? Absolutely – according to the findings in this study.
Last year, the average 401(k) balance hit a 10-year high, according to a study by Fidelity Investments.
The study found that the average 401(k) balance increased to $71,500 at the end of 2010, which was an 11% increase from the average retirement plan balance in 2009 .
The average employee 401(k) contribution last year was 8.2% of salary, according to Fidelity.
Another positive finding from the study: Employees aren’t borrowing from their 401(k)s. The study found that almost four of five 401(k) participants didn’t take a loan from their plan last year.
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