BOSTON (AP) — Employee 401(k) accounts are growing fast, thanks to the surging stock market and increased contributions from workers and their employers.
The average account balance grew nearly 12 percent last year, Fidelity Investments said on Thursday. The average was $77,300 at the end of 2012, up from $69,100 a year earlier, according to Fidelity, the nation's largest 401(k) administrator.
The average balance is up sharply since the stock market hit bottom in early 2009, following the financial crisis. Back then, the average was $46,200.
The Standard & Poor's 500 stock index was up nearly 7 percent for the year through Wednesday. So it's likely that account balances will climb further when first-quarter numbers are in for the 12 million 401(k) accounts that Fidelity administers.
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.
