According to Fidelity Investments, 401(k) saving is at an all-time high right now, with the average account balance reaching $74,900 at the end of the first quarter of this year. That's up 12 percent from the same quarter a year ago, and up a whopping 58 percent from the first quarter of 2009. Of course, early 2009 was also when everyone's 401(k) had gotten beaten up by the bear market.
Still, $74,900 is not a lot of money if you're looking for it to carry you through your entire retirement, but remember, that includes people who are just starting out in their careers. For those who have been putting money into a 401(k) for at least a decade, the average size of their account is $191,000. For those over 55 who have been putting money away for 10 years or more, the average balance is $233,800.
More good news: People are saving more and more money into their 401(k)s, showing an optimism about the stock market and their various investment vehicles. In the first quarter of 2011, 10 percent of 401(k) investors increased the amount they're putting away, the highest figure since Fidelity began tracking that back in 2006.
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