Retirement Account Balances Grow
Fidelity Investments’ Q3 2024 Retirement Analysis shows that the average balances for more than 49 million 401(k), 403(b) and IRA retirement accounts increased by 18% to 23% over the past year.
The average 401(k) balance at Fidelity grew from $127,100 in Q2 2024 to $132,300 as of Q3 2024. That’s up 23% from Q3 2023 and 48% from Q3 2014. For comparison, in November Bank of America reported that average 401(k) account balances at the end of Q3 2024 was $102,660. The record 401(k) balance in Q3 surpassed the previous record high of $130,700 in Q4 2021.
The average balance for all individuals who have been saving in their 401(k) for 15 years continuously with Fidelity grew to $558,300 ($586,100 among Gen X savers). Among Gen Z workers who have been saving for five years continuously, the average balance reached $51,800.
The percentage of employers that are offering a Roth option and managed accounts within their 401(k) continues to increase, and 1 in 5 (20.7%) plans automatically increases the employee contribution rate for workers who are auto enrolled in their plan.
403(b) balances at Fidelity jumped from $114,700 to $119,300, also up 23% from a year ago and up 68% from 10 years ago. The record 403(b) balance in Q3 surpassed the previous record of $115,100 from Q4 2021.
Average IRA balances, on the other hand, remained at $129,200—same as Q3 2024 and up 18% from a year ago (and 41% from 10 years ago).
