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Look Who's Saving!
While it stands to reason that a "recession" would cause cutbacks in investing in the future via a 401(k), it seems conventional wisdom is being bucked and that retirement planning is right on track for the majority of Americans.
Unfortunately, it took an unstable economy to do it, but according to an analysis of corporate retirement accounts, people are actually contributing more, not less, this year. Looking at the beginning of 2008 compared to 2007, the average pretax contribution increased by 7%.
Scott David, president of retirement services at Fidelity, said that the numbers indicate that while people are obviously feeling the pressures of the economy, they’re “making retirement a priority and staying the course.” Retirement experts are certainly happy to see that consumers looking to cut costs aren’t doing so in their retirement accounts.
What about you? When reevaluating your budget, did you avoid cutting your contributions, or were you forced to make changes? [USA Today]