Monday, October 3, 2011

The Bounceback in Retirement Funds

Despite the fact that the economy remains very sluggish, there is some good news to report as far as retirement planning goes. After retirement plans took a huge hit in the market downturn of 2008-2009, people are starting to build up those nest eggs again. Over the past year, 41 percent of American workers say they have increased their contributions to their 401(k)s. That's up from 31 percent who did so in 2010.

That's been a part of a huge bounceback in overall retirement savings. After the nation lost a huge amount of money in 2008, the value of U.S. retirement assets has been growing steadily ever since. Here's the recent history of the total value of all the 401(k)s, IRA, pension plans and government plans in the U.S.:

2007: $17.9 trillion
2008: $14.0 trillion
2009: $16.1 trillion
2010: $16.7 trillion
2011: $18.2 trillion

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