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Retirement accounts are on the rise Atlanta, GA

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Retirement accounts are on the rise

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During times of financial crisis, many people take things one day at a time, focusing on paying this month’s bills and buying necessities for right now. In addition, when faced with debt, many people in Georgia and throughout the country choose to take money out of their 401(k) and other retirement accounts in order to make ends meet.

While focusing on today is certainly understandable, it may leave many people vulnerable to bankruptcy, foreclosure, or other financial misfortune in the future, especially with the current uncertainty surrounding the Social Security program. Therefore, economists have been watching retirement accounts closely, hoping to determine whether Americans are headed for financial distress when they reach retirement.

Right now, it appears that retirement accounts are on the rise. According to recent reports from retirement giant Fidelity, which manages the retirement plans of approximately 11 million people, U.S. 401(k) retirement savings accounts now contain an average of $74,900. This is the highest average account balance recorded since the company began tracking the data in 1998.

The average balance has increased by 12 percent from one year ago, Fidelity says. Of this increase, approximately two-thirds was due to market gains and one-third to increased contributions by account holders.

According to Fidelity vice president Beth McHugh, the average account balances are higher among older workers. For those who have had a retirement plan for at least 10 years, the average account balance is $190,000, an increase of over $20,000 from just a year ago. In addition, account holders over the age of 55 had an account balance of $233, 800, an increase of $30,000 from last year.

Despite the increases, Fidelity accounts are still showing signs of economic stress. Approximately 22 percent of account holders have borrowed money from their 401(k) accounts, and 3.2 percent have cut their contributions in the past quarter.

Source: Reuters, “Average 401(k) balance near $75,000: Fidelity“, Ross Kerber, 11 May 2011

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1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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