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Despite the Economy, Retirement Savings are Trending Up

A recent report from the Vanguard Group and Bank of America suggest that the gloomy economy and the wallop it put on workplace retirement plan has not substantially affected the savings initiatives of a large portion of the workforce. In fact, while half of the plan participants made no change in their rate of saving, 15% increased deferrals compared to the 9% who reduced. Perhaps even more interesting is the fact that 94% of plan participants made no intra-plan changes in their account structure–this despite a wild and chaotic market. Plan Advisor’s Alex Ortolani, in a post on their website, discusses the overall report and the Vanguard Group/Bank of America findings. Check it out here…

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