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Americans increasing their retirement savings

07/19/11

A growing number of people are confident in the future of their personal finances and that is translating into more individuals saving for retirement, The Hartford found. Investing in company 401(k) plans and annuities may be helping people increase their retirement nest eggs.

"Americans are known for their optimism and that is being reflected in their increasing participation in retirement plans, even as the economy continues to struggle," said E. Thomas Foster Jr., vice president for The Hartford's Retirement Plans Group.

More people are participating in company 401(k) plans, reaching an estimated 76 percent of workers, up from 71 percent a year ago. Seventy nine percent of baby boomers are involved in these retirement savings opportunities, along with 77 percent of Generation Xers and 81 percent of men, the study found.

The only downturn was in employees aged 19 to 31, who were participating 2 percent less than a year ago. Additionally, women's involvement remained unchanged over the last 12 months. However, 34 percent of respondents were extremely or very confident that their lives would improve over the next year.

The study polled 1,000 employed adults aged 18 to 65 who had a household income of at least $25,000. 

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