There’s good news and interesting news on the retirement front: balances are up, while more plan participants are taking the “do-it-for-me” approach.
The 401(k) and Individual Retirement Account analysis by Fidelity Investments for the second quarter of 2016 indicated that account balances were up, despite volatility in the markets.
The average 401(k) balance rose nearly 2 percent to $88,900 from $87,300 at the end of Q1, but fell 2.5 percent compared with $91,100 at the end of Q2 2015. The average IRA balance, at $89,700, also increased slightly from $89,300 at the end of Q1, but was 7 percent lower compared with $96,300 at the end of Q2 2015.
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