Employee retirement savings are on their way up, thanks largely to a rising stock market that has given 401(k) balances a 77 percent boost in one year. So says Fidelity's second-quarter analysis of its 401(k) and IRA accounts.
Employees are putting more away, too, if only a little more, averaging $6,050 in annual contributions at the end of Q2. Employer contributions are a bit higher as well, at an annual average of $3,540, making for record balances. In fact, employees who have been active in a 401(k) retirement plan for a full 10 years have seen their average balance gain 15 percent per year during this past decade to reach $246,200.
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