And the owners of traditional IRAs rarely withdraw from their accounts, according to ICI data.
Tag: individual retirement account
In the past 10 years, the average 401(k) balance has grown 87%, from $56,900 in the third quarter of 2008, Fidelity Investments reports.
Saving practices tend to vary based on the investor’s age.
Fidelity finds that since 2008, the average savings rate among employees automatically enrolled has risen from 4% to 6.7%, and 63% of automatically enrolled participants in the past 10 years have increased their savings rate.
Fifty-four percent of respondents to an Allianz Life survey say that other expenses are interfering with their retirement savings, and 20% say they are saving for other financial goals.
Together, they supply 40% of retirees’ income.
That is followed by not saving for an emergency, and taking on too much credit card and too much student loan debt.
Furthermore, only 37% are contributing to an IRA, and 18% to a HSA, Edward Jones learned in a survey
Fidelity has updated its quarterly analysis of the average retirement savings balances across its book of business, and the results are once again quite encouraging.
Americans are confident DC plans will help them meet their retirement goals, ICI found.
The tool analyzes administration fees as well as individual mutual fund fees.