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.
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.
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