The latest retirement data from Fidelity Investments found record-high contribution levels, coupled with positive market conditions, pushed average account balances to their highest levels since the fourth quarter of 2021.
By the numbers: The average 401(k) balance in the first quarter was $125,900, up six percent from a year ago, while the average IRA account balance increased ten percent to $127,745.
- Total average 401(k) savings rates reached a record high of 14.2 percent (includes employee and employer contributions), which represents the closest it has ever been to Fidelity’s suggested savings rate of 15 percent.
- A separate analysis of Fidelity data conducted by NBC News found a record 485,000 people reached $1 million in their 401(k) retirement accounts, up 15 percent from the previous quarter and up 43 percent from a year ago.
