The balance of the average 401(k) account reached a record of nearly $90,000 last year. On the other hand, Fidelity Investments' annual snapshot of the plans it provides provoked concern that more than a third of workers cashed out their retirement savings when they changed jobs.
The rebound in 401(k) accounts provided by Fidelity, the nation's second-largest retirement plan administrator, continued the turnaround from March 2009, when the average was $46,200. For those nearing retirement of at least age 55, the average nest egg totaled $165,200.
Much of the growth in balances came from the stock markets, which hit records last year, with 22 percent due to employee contributions and matches from employers.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
