by Nate Wooley | February 14, 2013 12:10 pm
For certain workers, 401k balances have more than quadrupled during the past 10 years.
The average amount in retirement accounts for workers who have stayed with one firm is now just under $200,000, according to data from Fidelity Investments collected from more than 1.1 million workers.
To qualify for the study, a worker had to be contributing to a 401k and to must have remained with the same employer for more than 10 years.
Over that time, the 401k balance for those who qualified for the survey increased 324% to $199.800. That’s up from $47,100 a decade ago. In contrast, the S&P 500 only increased 62% over that same time frame.
Older participants are doing even better. Workers in the 55-59 age bracket who qualified for the report saw their 401k plans grow to an average of $251,700 at the end of 2012.
In the entire survey of 12 million participants, the average 401k value was $77,300. Participants have increased their savings for 15 straight quarters, according to the study.
Source URL: http://investorplace.com/2013/02/401k-balances-surge-to-record-high/
Short URL: http://invstplc.com/1nuayDi
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.