Contributions to small business retirement plans have increased dramatically since the Great Recession, according to Fidelity Research.
The study, which looks at more than 200,000 small business accounts offering a Simplified Employee Pension Plan (SEP-IRA), Self-Employed 401(k) or Savings Incentive Match Plan for Employees (SIMPLE-IRA), found that in the past year alone, the average balance in these plans increased four percent, and average contributions increased 18 percent.
In addition, compared to 2008 levels, when balances were at their lowest, average savings have jumped a whopping 88 percent, which suggest, Fidelity says, that the small business segment is feeling confident enough about their present financial situation to contemplate saving for a future retirement.
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