July 31, 2007

IF ONLY IT WERE IN PASSBOOK SAVINGS WE'D BE CONSIDERED THRIFTY BY OUR BETTERS:

401(k)'s Grow for 4th Straight Year (DAN CATERINICCHIA, 7/31/07, AP)

[T]he average amount saved in a company- sponsored 401(k) account rose by 17 percent in 2006, the fourth straight year of growth. Since 1999, workers who contributed to these accounts saw their average savings grow by 79 percent to $121,202—despite the market downturn between 2000 and 2002. [...]

As expected, older savers had accumulated more in their accounts than their younger colleagues. The average balance for participants in their 60s was $157,727; in their 50s, $148,927; in their 40s, $108,262; in their 30s, $61,368; and in their 20s, $28,248.

"401(k) participants are a very hardy and committed group," Holden said. The plans have evolved from supplementary retirement accounts when they were introduced in the early 1980s, she said, into the primary or only one for many participants.

Posted by Orrin Judd at July 31, 2007 6:57 AM
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