Retirement Savers Kept Saving in Q1: Fidelity
April 29, 2020 by Michael S. Fischer
The market downturn caused average 401(k), IRA and 403(b) balances to fall in the first quarter, but contributions to retirement accounts held steady, with some investors actually increasing their savings, according to the latest analysis of retirement savings trends released Friday by Fidelity Investments.
The average 401(k) balance was $91,400, down 19% from the record high of $112,300 in the fourth quarter, but still well above the $71,500 balance in the 2010 first quarter.
The average IRA balance decreased by 14% to $98,900, but was ahead of the $66,200 balance 10 years ago. And the average 403(b)/tax exempt account balance fell 19% to $75,700, compared with the average balance of $50,000 a decade ago.