Fidelity Investments®’ Q2 2024 retirement analysis revealed that retirement account balances grew for a third consecutive quarter and that Gen X, in particular, saw IRA contributions the highest observed in the last five years.
By the numbers: Gen Xers who saved for a minimum of 15 years had an average balance of $554,000 (compared to $543,400 last quarter).
One fun thing: This quarter saw another all-time high in retirement-created millionaires, with 401(k)-created millionaires increasing by 2.5 percent (497,000) from Q1 (485,000) and IRA-created millionaires increasing by six percent (398,594 vs. 376,275).
What they’re saying: “At this moment, Gen X retirement savers are in a pivotal place in their financial journey,” says Roger Stiles, president of Fidelity Wealth.
- “Not only are they balancing significant financial responsibilities – many with children in college, caring for aging parents, and managing increasing health care costs – but with retirement around the corner, having the appropriate level of retirement income has become a top priority. We are so pleased to see the gains Gen X made this quarter as they continue to prepare for their future.”
