- The Restless Project: How Much Money Do You Really Need? Let’s start with $100K
- Take 5: A Roundup of Reads From Around the Web
- Want to Improve Your Health? Contribute to a 401(k)
- Saving for Kids’ College Trumps Retirement Savings for Single Parents
- 8 Personal Finance Tips From ‘Guardians of the Galaxy’
- Got a Raise? Congrats. Now Boost Your Retirement Contribution
- Nearly 1 in 3 US Adults Have No Retirement Savings
- The Talk All Parents Need to Have With Their Adult Children
Are people saving better for retirement? From the numbers at Fidelity Investments, the largest American 401k provider, it looks that way…
Fidelity’s analysis of its 12 million 401(k) accounts in more than 20,200 corporate defined contribution plans shows that average annual employee contributions grew 7.3 percent over the past five years to $5,900 at the end of the third quarter, up from $5,500 ending the third quarter 2007. Meanwhile, average annual employer contributions – sometimes called a company match4 – rose to $3,420 at the end of the third quarter, up 19.0 percent since the third quarter 2007 when it was $2,880.
The average is now $75,900. A year ago it was $64,300.