Retirement Savings Reach Record High in Second Quarter of 2024
Good news for workers – retirement savings nationwide continued to grow during the second quarter of 2024, hitting their third-highest average ever. This data comes from an analysis conducted by Fidelity Investments, which looked at the more than 48 million IRA, 401(k), and 403(b) retirement accounts held at the firm.
It is always encouraging to see people actively saving for their future, and these numbers show that Americans are taking their retirement planning seriously. Here is a breakdown of the average balances held in different types of retirement accounts:
- IRA accounts: $112,100
- 401(k) accounts: $119,800
- 403(b) accounts: $103,700
These figures demonstrate that individuals are making strides towards securing their financial future by building up their nest eggs. With the ever-increasing cost of living and uncertainty surrounding Social Security, it is more important than ever to save and invest wisely for retirement.
So, if you haven’t started saving for retirement yet, now is the time to begin. Whether you contribute to an IRA, 401(k), or another type of retirement account, every little bit helps. Take inspiration from these record-high savings numbers and start building your own nest egg today!