401(k) balances hit a 10-year high last year, according to new data from Fidelity Investments.
This could be partly because workers are actively saving more: for the seventh straight quarter, more workers increased their contribution than decreased it, though average contributions remained at 8.2 percent.
Some good news: Only eight percent of companies who used Fidelity plans for their employees eliminated their employer match during the latest recession. Of that eight percent, 55 percent have already or say they will reinstate that benefit within the next 12 months.
If you needed any more reminders not to cash out when the market looks bad, the average balances of Fidelity 401(k) holders who had been investing for 10 years straight rose to $183,000 at the end of 2010, compared with $59,100 at the end of 2000. Two recessions later, they’re 3x richer.