401(k)s hit records as workers sock away more, stocks jump

News
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK (AP) – Fidelity Investments says the average 401(k) balance rose to a record $112,300 last year. Part of the gain was due to surging markets, as stocks and bonds of all types rallied. But just as important was better savings habits by workers.

The average participant set aside a record 8.9% of their pay in their 401(k) in the fourth quarter. Combined with employer matches, the average total savings rate was 13.5%. That’s just below the 15% rate that Fidelity recommends.

Congress has passed laws trying to get more people access to 401(k) and similar plans.

Latest News

More News

National News

More National

Washington D.C.

More Washington DC

Your Local Election HQ

More Your Local Election HQ
graphic of the Red Cross

Latest News

More News

Popular

KFOR Podcasts

More Podcasts

Follow @KFOR on Twitter