401(k) balances hit record high
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Employees’ 401(k) plan account balances hit a record high at the end of the first quarter of 2015, Fidelity Investments said in an analysis released Wednesday.
The average account balance was $91,800 as of March 31, compared with an average balance of $91,300 at year-end 2014, a 0.5% increase, the Boston-based mutual fund provider and 401(k) plan administrator said.
Compared to a year ago, the rise in account balances was greater. At $91,800, the average account balance is up 3.6% compared with the average balance of $88,600 at the end of the first quarter of 2014.
Not surprisingly, account balances were much higher for employees who have participated in 401(k) plans for many years.
For example, in 2015, the average account balance for employees who have participated in the plans for at least 10 years was $251,600. That’s up nearly 12% from $224,800 a year ago.
The analysis is based on 21,100 plans with 13.5 million participants.
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