Retirement account balances, which took a sharp nosedive almost exactly one year ago when the coronavirus outbreak caused economic shockwaves, have now bounced back entirely, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans.
The number of Fidelity 401(k) plans with a balance of $1 million or more jumped to a high of 365,000 in the first quarter of 2021, while the number of IRA millionaires increased to 307,600, also an all-time high.
The overall average 401(k) balance hit $123,900 in the first quarter of 2021, according to Fidelity.
Roughly 17 percent of workers increased their contributions during this time, more than any previous quarter, while a record 37 percent of employers also automatically enrolled new workers in their 401(k) plan. Read the full article.
Fidelity: Number of 401(k) and IRA Millionaires Hits Record
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