Home » Reference Section » Fidelity Examines 401(k) and IRA Balances By Generation

Fidelity Examines 401(k) and IRA Balances By Generation

Fidelity Examines 401(k) and IRA Balances By Generation

An analysis of 401(k) and IRA accounts managed by Fidelity Investments found that Baby Boomers on average have saved $250,900 in their workplace 401(k) and $250,966 in an Individual Retirement Account.

  • For Gen X, the average 401(k) balance is $191,900. The average IRA balance is $100,169.

The big picture: For people who save continuously for 15 or more years, the retirement accounts are closer to $600,000 for both Boomers and Gen Xer’s.

One fun thing: In its Q3 Retirement Analysis, Fidelity noted that the number of 401(k)-created millionaires increased by 9.5 percent (544,000) from Q2 (497,000). Similarly, IRA-created millionaires increased by nearly five percent (418,111 vs. 398,594).

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.