401(k) milestone: Balances hit 10-year high mark
Are employees starting to get the importance of putting money into their 401(k)s? Absolutely – according to the findings in this study.
Last year, the average 401(k) balance hit a 10-year high, according to a study by Fidelity Investments.
The study found that the average 401(k) balance increased to $71,500 at the end of 2010, which was an 11% increase from the average retirement plan balance in 2009 .
The average employee 401(k) contribution last year was 8.2% of salary, according to Fidelity.
Another positive finding from the study: Employees aren’t borrowing from their 401(k)s. The study found that almost four of five 401(k) participants didn’t take a loan from their plan last year.
- Share on
Free Training & Resources
Further Reading
With benefits costs climbing and new laws like SECURE 2.0 adding complexity, viewing employee benefits as a simple fixed cost is an outdate...
Employers will see clearer control over pharmacy benefit costs and their impact on the income statement, with Finance and HR sharing more e...
The new Mississippi Work and Save Program creates a voluntary, state-run retirement savings option for private-sector employees whose emplo...
CFOs and benefits professionals can only do so much to influence employees to invest in a company 401(k) plan. So-called influencers are of...
There’s a Great Re-evaluation going on among your peers when it comes to health and well-being program benefits. That’s t...
What should you do if you mistakenly pay out too much for one of your employer-provided benefits, such as your retirement plan? Plan spo...
