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Average 401k Balance...$68,000

Despite the fact that employees are losing a lot of money in their 401(k)s, most are staying the course with their retirement plans, according to an analysis by Hewitt Associates LLC.

The Lincolnshire, Ill.-based company’s analysis of 2.7 million U.S. employees showed that the average 401(k) plan balance dropped 14% to $68,000 this year, from $79,000 in 2007.

In the past two months alone, employees on average have lost nearly 18% of their 401(k) plan savings, and some have lost more than 30%.

Despite these losses, contribution rates have dropped only marginally, to 7.8%, from 8% a year ago, the global human resources consulting and outsourcing company said.

Courtesy of InvestmentNews.com

Posted on Monday, November 24 by Registered CommenterWise Owl in | Comments Off