More workers are putting more money into their 401(k) accounts, and they’re more often putting it into a reasonable mix of investments. That’s according to Vanguard’s latest look at the nearly 5 million accounts of 401(k) and similar plans that it keeps records on.
Even amid heavy uncertainty about the economy last year, retirement savers socked away an average of 7.3% of their pay, not including employer matches, according to Vanguard. That’s the same level as a year earlier, when the pandemic first struck and threw everything into doubt. And it’s up from 6.9% in 2012. Vanguard recommends workers save 12% to 15% of their pay, including any employer match.
More than four out of five workers eligible to contribute to their 401(k) were doing so last year, at 81%. That also held steady from a year earlier, and it was up from 74% in 2012.
The reason for the resiliency? In many cases it was because employers made the moves for them.
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