Study Offers Snapshot of Workers’ Savings

Yet another study suggests that it’s disturbing how older workers are saving for retirement. Of some 2.5 million workers in 401(k) plans, 62 percent of people 50-plus (slightly less than two in three) are contributing to their retirement accounts, according to a new study by Bank of America Merrill Lynch.  About one in 10 ten have taken loans against their plans. Interestingly, the participation rate among older workers varies by industry. For example, only 40 percent of workers 50-plus in …

401(k) Balances Hit Record High – $111,900 for Ages 50-54

Here’s some good news.  Our retirement plan balances are rising, so maybe we actually can retire in relative comfort, provided we continue to save and save some more. A Fidelity Investments analysis of 401(k) plans showed that the average balance rose to a record high at the end of last year  – $77,300. That’s up from $69,100, a 12 percent increase from one year earlier. Workers 50-plus did even better. Here’s the average breakdown by age group as of the end …

Older Workers’ 401(k) Balances Hitting Record Levels

If you’ve contributed steadily to your 401(k) and didn’t get scared off by the down economy and the wild swings of the stock market, chances are you’re being rewarded now. The average 401(k) balance reached $75,900 at the end of the third quarter, an 18 percent increase over a year ago, a new study by Fidelity Investments has found. That was its highest level since the company began tracking this data 12 years ago. The news was even better for older workers: average balances were higher. …