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May 13, 2019

Workers up 401(k) savings to record levels

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Last year's tumble for the stock market wasn't enough to scare workers off of saving for retirement. Instead, many ended up saving more.

Even after a nearly 20% plunge for the S&P 500 rattled nerves at the close of 2018, workers upped their contributions into 401(k) accounts in the ensuing months. The average worker set aside a record $2,370 during the first quarter, up 15% from a year earlier, according to Fidelity Investments. Not only that, employers increased their own contributions to a record average of $1,780.


 
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