Average account balances in and contributions to small-business retirement savings plans have increased since 2007, according to an analysis by Fidelity Investments released May 1.
Fidelity said it analyzed savings behaviors of more than 200,000 small-business accounts that utilized a Fidelity simplified employee pension plan individual retirement account (SEP-IRA), self-employed 401(k), or savings incentive match plan for employees IRA (SIMPLE IRA) during that six-year time frame. According to Fidelity, these plans are generally used by businesses with 10 or fewer employees.
The average SEP-IRA balance was $71,300 in 2012, a 17 percent increase from 2007, and the average SIMPLE-IRA balance ...
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