Retirement Account Balances are up

According to Fidelity, Retirement account balances have reached all-time highs. At the end of 2024, the average balance in 401(k) plans was $132,300, and in 403(b)s, it was $119,300. The average overall contribution rates are also increasing, nearing Fidelity’s guideline of saving 15% per year for retirement (including employer and employee contributions).

More than two-thirds (69%) of employees and 67% of employers endorse retirement plans as a must-have employer benefit.

Rising numbers are great, but the average balance is far too little to fund someone’s full retirement.