NEW YORK (CNNMoney) -- The average 401(k) balance hit a 10-year high at the end of last year as the recession waned and more Americans bulked up their retirement savings.
At the end of 2010, the average 401(k) balance had risen to $71,500 -- up 11.5% from $64,200 a year earlier, according to a report released Wednesday by Fidelity Investments.
These 401(k) plans give workers tax-deferred savings and often include a matching contribution from employers. As a result, they have become a primary vehicle for retirement savings as the pension has disappeared.
More than 51 million American workers contribute to these plans, putting aside an average of 8.2% of their salaries, the company said.
For a seventh straight quarter, more participants upped their contributions than decreased them. According to the report, 6.1% of workers increased their contributions from the previous quarter, while only 3% lowered their contribution amount.
Of the employers who use Fidelity to offer 401(k) plans to employees, only 8% reduced or eliminated matching contributions during the height of recession, the financial services provider said.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.89%||3.85%|
|15 yr fixed||3.10%||3.05%|
|30 yr refi||3.87%||3.85%|
|15 yr refi||3.08%||3.07%|
Today's featured rates:
The Motion Picture Association of America is getting a leadership change up. More
Robert Lighthizer, President Trump's nominee for U.S. Trade Representative, will lead NAFTA talks, which face a few hurdles before they can begin. More
Catch up with our CNNTech recap of all the good, bad and weird tech news of the week. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Becoming a millionaire is part of the American dream, but is it out of reach for the average person? More