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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.