02.17.22
Banner 2021 for Stocks Boosts Gains for 401(k) Savers
by: Alex Veiga
The average 401(k) plan balance stood at $130,700 at the end of last year, up 7.6% from 2020, according to Fidelity Investments. The median balance, a better measure of the typical plan size, rose 2.1% to $28,600. The figures are based on a review of 20.4 million Fidelity accounts. About 60 million Americans actively participated in 401(k) plans at the end of the third quarter last year, according to the Investment Company Institute. The average balance for individual retirement accounts on Fidelity’s platform also climbed to a record-high $135,600 as of the fourth quarter of 2021, up 5.9% from a year earlier. The amount of money employers put into their employees’ retirement accounts also rose. By the end of 2021, the average 401(k) contribution made by employers was $4,080, up 1.2% from a year earlier, but down 0.5% from 2019.
Read the full article on Associated Press