Debt & Savings
401(k) Contribution Rate Matched Record High in 2023, Vanguard Says
Annual report shows big gains in account balances, but signs of financial stress still linger.
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It’s a rare bit of good news on the retirement front: Record contribution rates for 401(k) accounts continued in 2023.
The average percent of salary funneled into plans maintained 2022’s record pace of 11.7%, when combining contributions from both employees and employers, according to Vanguard Group’s annual How America Saves report.