{"id":40613,"date":"2025-02-27T18:03:05","date_gmt":"2025-02-27T18:03:05","guid":{"rendered":"https:\/\/isafespend.com\/?p=40613"},"modified":"2025-02-27T18:03:06","modified_gmt":"2025-02-27T18:03:06","slug":"401k-balances-hit-second-highest-on-record-fidelity","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=40613","title":{"rendered":"401(k) balances hit second highest on record: Fidelity"},"content":{"rendered":"
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Balances for 401(k) retirement accounts hit the “second-highest average on record” in the final quarter of 2024, according to new data from Fidelity Investments.\u00a0<\/p>\n

The financial services company found in its newly-released fourth-quarter retirement analysis that balances for that type of retirement plan averaged $131,700.\u00a0<\/p>\n

That figure marked a jump of 11% year-over-year, according to Fidelity.<\/p>\n

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Compared to 2024\u2019s third quarter, however, average balances for 401(k)s posted a 0.5% decline, the analysis showed. The third-quarter was when 401(k) plans notched their “highest average on record” for balances, with an average of $132,300.\u00a0<\/p>\n

The rate at which 401(k) retirement plan holders socked away money inched up year-over-year to 14.1% in the fourth quarter, according to Fidelity.\u00a0<\/p>\n

IF YOU ARE 60 YEARS OLD, NEW 401(K) RULES COULD SAVE YOU MONEY<\/strong><\/p>\n

Similar to 401(k)s, average balances for two other popular retirement vehicles \u2013 IRAs and 403(b)s \u2013 saw small declines of 1% from the third quarter but showed year-over-year increases.\u00a0<\/p>\n

Fidelity pegged the average balance for 403(b) accounts at $117,800 in the fourth quarter, up 11% compared to a year ago.\u00a0<\/p>\n

Meanwhile, IRA accounts held average balances of $127,543. That\u2019s an increase of 8% from the fourth quarter of 2023, according to the report.\u00a0<\/p>\n

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Fidelity\u2019s fourth-quarter analysis included over 50 million retirement accounts.\u00a0<\/p>\n

Overall, the financial services company said people building nest eggs “experienced a year of positive growth” in 2024.<\/p>\n

Retirement contribution rates went up for almost 40% of those saving for their golden years, Fidelity also reported. On average, the increase was 2.9%.<\/p>\n

THIS MIDWESTERN STATE IS CONSIDERED ONE OF THE BEST PLACES TO RETIRE, NEW STUDY SAYS: SEE THE LIST<\/strong><\/p>\n

“As we have for several quarters now, we observed upwards savings trends in Q4. This is encouraging news and is particularly important for many Gen X savers, who are able to make catch-up contributions,” Head of Fidelity Wealth Roger Stiles said in a statement. “This is an important consideration as the April tax deadline approaches where investors may be able to contribute to an IRA for potential tax deductions for 2024.”\u00a0<\/p>\n

The deadline for individual tax return filing is April 15, according to the IRS.<\/p>\n

Fidelity also highlighted the retirement saving efforts of Generation X \u2013 people born between 1965 and 1980 \u2013 in its latest analysis.<\/p>\n

When it came to IRAs, Gen Xers boosted their average contributions 16% year-over-year, according to the financial services company.<\/p>\n

IRS INCREASES 401(K), OTHER 2025 RETIREMENT PLAN CONTRIBUTION LIMITS<\/strong><\/p>\n

Meanwhile, Gen Xers that have been putting money in 401(k) accounts regularly over 15 years achieved average account balances of $589,400, a jump of 18% from the same period last year, per Fidelity.<\/p>\n

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\"Savings<\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n

Americans think $1.46 million is the amount of money necessary to experience a comfortable retirement, according to a study released by Northwestern Mutual last year.\u00a0<\/p>\n

The Transamerica Center for Retirement Studies found in an August 2024 report that the median age of retirement for middle-class retirees was 62.<\/p>\n

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

Balances for 401(k) retirement accounts hit the “second-highest average on record” in the final quarter of 2024, according to new data from Fidelity Investments.\u00a0 The financial services company found in its newly-released fourth-quarter retirement analysis that balances for that type of retirement plan averaged $131,700.\u00a0 That figure marked a jump of 11% year-over-year, according to<\/p>\n","protected":false},"author":1,"featured_media":40614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-40613","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\n401(k) balances hit second highest on record: Fidelity | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Balances for 401(k) retirement accounts hit the "second-highest average on record" in 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