The average American is working harder than ever, and thanks to increasing wages, Americans are contributing more money to their 401(k) plans than since the Great Recession. According to Fidelity Investments, the average worker contributed 8.4% of his or her income to a 401(k) in the fourth quarter. Are your contributions keeping pace? Contribution rates to defined contribution plans such as 401(k)s depend a great deal on the worker's age and income, but overall, the average American worker is setting aside 8.4% of his or her income in these accounts, which is up from an average employee contribution rate of 8.1% in the first quarter of 2015.IMAGE SOURCE: GETTY IMAGES.Continue reading
Here's How Much Americans Are Contributing To 401(k)s Nowadays
newsfeedback@fool.com (Todd Campbell), The Motley Fool
Sun, 02/26/2017 - 12:21pm
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