Employee 401(k) accounts grew nearly 8 percent last quarter as a surging stock market boosted investment returns and worker contributions increased.

Although investors can take some relatively simple steps to minimize their tax bills, many fail to do so.

Workers stashed money away in their 401(k) retirement plans at a faster clip last year but didn't get an immediate reward for their savings strategy.

Workers continued to stash more money in their 401(k) plans in the third quarter, but the stock market's sharp decline only left them further behind in reaching their savings goals.

Surging stock prices in October weren't enough to entice mutual fund investors back into the market. Instead, bonds continued to hold appeal.

Mutual fund investors retreated from stocks in September as the market continued to decline, capping the biggest quarterly withdrawal from stock funds since the financial crisis in late 2008.

Average investors are frustrated that the U.S. government is no longer among the world's most creditworthy, and fear Monday's stock plunge may not be the end.

What relief rally? Hope that the stock market would surge on news of Washington's debt ceiling deal has given way to pessimism.