The fourth quarter ended on an upswing for retirement savers. Retirement-account balances hit their highest levels in two years amid improved market conditions and consistent savings rates, according to Fidelity Investments. The average 401(k) account balance was $118,600 in the fourth quarter, up 14% from a year ago, Fidelity said. The average IRA balance was $116,600, up 12% from a year ago. The average 403(b) balance was $106,100, up 14% from a year ago.
“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of workplace investing at Fidelity Investments. “When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs and the lows of the lows, but encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future.” For Gen X workers who had invested in a 401(k) for 15 years straight, the average balance topped half a million dollars ($501,000) at year-end 2023, which Fidelity said illustrated the benefits of consistent long-term savings. Gen X represents people born from 1965 to 1980. The fourth quarter also saw …
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“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of workplace investing at Fidelity Investments. “When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs and the lows of the lows, but encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future.” For Gen X workers who had invested in a 401(k) for 15 years straight, the average balance topped half a million dollars ($501,000) at year-end 2023, which Fidelity said illustrated the benefits of consistent long-term savings. Gen X represents people born from 1965 to 1980. The fourth quarter also saw …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]