As of the end of the first quarter, the average retirement account balance for workers with both a Fidelity IRA and a Fidelity workplace retirement account, such as a 401(k) or 403(b), is up by 9 percent from the end of the first quarter of 2017. That average balance now stands at $299,600, up substantially from the average balance of $275,700 at the end of the first quarter of 2017.
In addition, 401(k) contribution rates are on the rise, with the total savings rate (including not just employee contributions but also employer matches) hitting a record high of 13.2 percent at the end of the first quarter. That’s up from 13.0 percent in the fourth quarter 2017.
Interestingly, IRA account averages are consistently higher than either 401(k) balances or 403(b) balances at Fidelity. For the first quarter of 2018, Fidelity reported that its average IRA balance stood $105,100; its average 401(k) balance was at $102,900; and its average 403(b) balance was $82,100.
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