{"id":21190,"date":"2023-09-21T17:05:28","date_gmt":"2023-09-21T17:05:28","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/retirement-account-balances-increase-for-third-straight-quarter\/"},"modified":"2023-09-21T17:05:33","modified_gmt":"2023-09-21T17:05:33","slug":"retirement-account-balances-increase-for-third-straight-quarter","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=21190","title":{"rendered":"Retirement account balances increase for third straight quarter"},"content":{"rendered":"
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Despite recent market volatility, Americans\u2019 retirement account balances increased in the second quarter of 2023, marking the third straight period of growth, according to the latest data by Fidelity Investments.\u00a0<\/p>\n

The average IRA balance grew to $113,800, a 5% increase from last quarter, and a 41% increase from 10 years ago, according to the report.\u00a0<\/p>\n

The average 401(k) balance jumped to $112,400, up 4% from the previous quarter, and a 39% increase from 10 years ago.\u00a0<\/p>\n

At the same time, the average 403(b) balance spiked to $102,400, up 5% from the previous quarter, and a 65% hike from 10 years ago.<\/p>\n

“We are pleased to see a third straight quarter of positive gains for retirement savers as the market continues to improve and both employees and employers commit to establishing a strong financial future,” Kevin Barry, Fidelity Investments president of workplace investing, said in a statement. “As we begin to see improvements in market conditions, maintaining high contribution and savings rates is an essential component of improving one\u2019s retirement readiness.”<\/p>\n

Additionally, Americans could benefit by taking advantage of any available employer matches and staying committed to retirement savings.\u00a0<\/p>\n

“If your employer matches any portion of your retirement contributions, consider maxing out by contributing up to at least the match amount,” Fidelity said in its report. “This is considered part of your compensation package and is, in essence, free money.”<\/p>\n

When combined with employer contributions, the average retirement account savings rate for the second quarter was 13.9%, according to the report. That rate is closely aligned to Fidelity\u2019s recommended contribution rate of 15%.<\/p>\n

But saving early and gradually increasing contribution rates as budgets allow can also help. In fact, Baby Boomers who\u2019ve been saving in their 401(k) plan continuously since 2008 today have an average balance of $499,700.<\/p>\n

If high-interest debt is preventing you from making the most out of your retirement savings, you could consider paying it down with a personal loan at a lower interest rate. Visit Credible to compare options from different lenders without affecting your credit score.\u00a0<\/p>\n

SOME AMERICANS DROWNING IN CREDIT CARD DEBT FOLLOWING THE COVID-19 PANDEMIC: SURVEY<\/u><\/strong><\/p>\n

Many Gen Xers stopped saving for retirement<\/strong><\/h2>\n

Despite overall signs of positive growth in retirement account balances, Gen X may be facing particular challenges.<\/p>\n

More than half (64%) of Gen Xers said they stopped saving for retirement because they couldn\u2019t afford to do so, according to a survey by Clever Real Estate.<\/p>\n

Affording necessities has placed roadblocks in front of some Gen Xers\u2019 retirement paths. In particular, about 35% of Gen Xers said they sacrificed or reduced retirement contributions to fund the basics and 26% reported doing so to pay credit card bills, the survey said. The majority of Gen X respondents (80%) said they carried some form of debt such as credit card balances, student loans or auto loans.<\/p>\n

And many Gen Xers, especially those in the lower income quartile, don\u2019t yet have enough saved for retirement, according to a report<\/u> by the National Institute on Retirement Security\u00a0(NIRS).<\/p>\n

The top earners of Gen X hold nearly $250,000 on average in retirement savings, while the bottom quartile has $35,000, the NIRS reported. When looking at the median, the bottom quartile has $200 in retirement savings, and the second quartile holds $4,290, the NIRS said.<\/p>\n

“Gen Xers are fast approaching retirement age, but the data indicate that the vast majority are not even close to having enough savings to retire,” NIRS Executive Director Dan Doonan said in a statement. “This really isn\u2019t surprising given the terrible retirement hand that has been dealt to the latchkey generation. Most Gen Xers don\u2019t have a pension plan, they\u2019ve lived through multiple economic crises, wages aren\u2019t keeping up with inflation, and costs are rising. The American Dream of retirement is going to be a nightmare for too many Gen Xers.”<\/p>\n

If economic conditions are getting in the way of your retirement savings strategy, you could consider paying down high-interest debt with a personal loan at a lower interest rate. Visit Credible to get your personalized rate in minutes.\u00a0<\/p>\n

NEARLY HALF OF AMERICANS SAY INCOME IS NOT KEEPING UP WITH INFLATION: TRANSUNION<\/u><\/strong><\/p>\n

Secure 2.0 Act is in motion<\/strong><\/h2>\n

Regardless of generation, the Secure 2.0 Act<\/u> of 2022 was designed to improve the retirement plan industry for Americans in the coming years. Here are some of the legislation\u2019s major changes at a glance:<\/p>\n

“While SECURE 2.0 contains dozens of provisions, the highlights include increasing the age at which retirees must begin taking RMDs from IRA and 401(k) accounts, and changes to the size of catch-up contributions for older workers with workplace plans,” Fidelity said in a post. “Additional changes are meant to help younger people continue saving while paying off student debt, to make it easier to move accounts from employer to employer, and to enable people to save for emergencies within retirement accounts.”<\/p>\n

In total, Secure 2.0 includes 92 provisions related to 401(k)s, IRAs and other savings vehicles, according to a post by the AARP.<\/p>\n

If you\u2019re ready to take out a personal loan to pay down high-interest debt, it could help to compare your options. Visit Credible to speak with a personal loan expert and get your questions answered.<\/p>\n

AMERICANS OVER AGE 55 PLAN TO DELAY RETIREMENT: SURVEY<\/u><\/strong><\/p>\n

Have a finance-related question, but don’t know who to ask?<\/strong> Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite recent market volatility, Americans\u2019 retirement account balances increased in the second quarter of 2023, marking the third straight period of growth, according to the latest data by Fidelity Investments.\u00a0 The average IRA balance grew to $113,800, a 5% increase from last quarter, and a 41% increase from 10 years ago, according to the report.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":21191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[],"class_list":{"0":"post-21190","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-savings"},"yoast_head":"\nRetirement account balances increase for third straight quarter | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Despite recent market volatility, Americans\u2019 retirement account balances increased in the second quarter of 2023, marking the 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