Tags: Financial Markets | retirement | savings | fidelity | 401k

Average 401(k) Account Balances Hit Record High of $106,500

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By    |   Monday, 05 November 2018 07:36 PM

The average 401(k) account balance reached a record high of $106,500 at the end of the third quarter, a new quarterly analysis found.

In an upbeat survey released Monday, Fidelity Investments’ quarterly analysis of its holders’ saving trends showed the account balance high marked a nearly 7 percent increase from a year earlier and tops the prior record balance of $104,300 from last year's final quarter, USA Today reported.

Fidelity reported that balance figures were nearly double the average balance of $56,900 401(k) in the third quarter of 2008 during the financial crisis.

One of the positives of the financial crisis was that it motivated investors to educate themselves about the steps they should take to "protect and grow" their retirement savings, Kevin Barry, president of workplace investing at Fidelity, told USA Today.

Other good news for savers included:

  • The average IRA balance climbed to $111,000, more than double the $52,000 balance from the third quarter of 2008.
  • The number of Fidelity 401(k) holders with balances of more than $1 million increased to 187,400 at the end of the third quarter, up 41 percent from a year earlier; the number of IRA millionaires rose to a record 170,400, 25 percent more than a year earlier.
  • The average balance for Fidelity 401(k) investors who have stayed invested in their 401(k) accounts for five consecutive years reached $221,200 at the end of the third quarter, up from an average of $103,700 five years ago.
  • The average account balance for investors that have been saving continuously in their 401(k) plans for 10 years reached $305,400. Workers who have been saving in their 401(k) for 15 straight years, have seen their average balance increase to $400,300.

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The average 401(k) account balance reached a record high of $106,500 at the end of the third quarter, a new quarterly analysis found.
retirement, savings, fidelity, 401k
283
2018-36-05
Monday, 05 November 2018 07:36 PM
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