Retirement Savings Rate Held Steady: Fidelity

[steven johnson]

Here is another sign that Americans have faith in the future of the economy. They continue to salt money away for retirement in stock market based funds.

BOSTON (Reuters) - Americans kept their retirement savings rates steady in 2009 as the economy recovered slowly and a rallying stock market helped boost the overall value of their accounts, a study released on Wednesday shows.

Mutual fund firm Fidelity Investments, which conducts retirement readiness research every quarter, reported that Americans put 8.2 percent of their pre-tax income into employer sponsored 401(k) retirement savings plans last year.

In 2008 Fidelity reported that higher gasoline and food prices prompted more Americans to pull money from their retirement savings plans.

Boston-based Fidelity found that rising stock prices helped the average U.S. employer-sponsored retirement plan grow by 28 percent to $64,200 last year. In 2009 the Standard & Poor's 500 index gained 26 percent.

Retirement Savings Rate Held Steady: Fidelity

[Name removed]

1. Deleted message

Message removed by moderator. Click here to review the message board rules.