24 Aug Great Read from “The Hill” Americans Saving
Good news! People are saving more and still contributing to their retirement plans. Hopefully, the good savings habits will continue once the jobs return and the economy is stronger. Americans saved a high of 33.5% of their income in April, falling to 19.5% in June – but still almost triple the average 7.5% savings rate before the pandemic began. In addition, they continue to save for retirement. Fidelity reports that 88% of its 401(k) account holders continued to contribute during the second quarter, with 9% increasing their contribution rates. Almost all (96%) of 403(b) account holders maintained or increased their contribution rates during the second quarter. #retirementsavings
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