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Despite financial pressures, workers remain committed to their retirement goals, with many boosting their contribution rates — and watching their savings grow.
According to Fidelity Investments' latest quarterly ******* ysis, 769,000 retirement savers have a million dollars or more in their 401(k). Average 401(k) balances grew 10.5% in the second quarter, marking their strongest quarterly growth since the fourth quarter of 2020, thanks partly to stock market gains.
The total average savings rate also held at record levels for the second consecutive quarter, remaining at 14.4% for 401(k) savers and 12% for 403(b) participants.
At the same time, Fidelity data shows more savers tapped their accounts for cash to cover expenses: 19.5% of retirement savers had an outstanding 401(k) loan in the second quarter, up from 19.2% at the end of the first quarter. The share of workers who took a hardship withdrawal increased year over year to 3%.
#savers #second
Despite financial pressures, workers remain committed to their retirement goals, with many boosting their contribution rates — and watching their savings grow.
According to Fidelity Investments' latest quarterly ******* ysis, 769,000 retirement savers have a million dollars or more in their 401(k). Average 401(k) balances grew 10.5% in the second quarter, marking their strongest quarterly growth since the fourth quarter of 2020, thanks partly to stock market gains.
The total average savings rate also held at record levels for the second consecutive quarter, remaining at 14.4% for 401(k) savers and 12% for 403(b) participants.
At the same time, Fidelity data shows more savers tapped their accounts for cash to cover expenses: 19.5% of retirement savers had an outstanding 401(k) loan in the second quarter, up from 19.2% at the end of the first quarter. The share of workers who took a hardship withdrawal increased year over year to 3%.
#savers #second
1 day ago
