Please click on the above chart to enlarge. From Fidelity's press release:
- "Retirement account balances reached all-time highs for the fourth consecutive quarter. Helped by strong stock market performance, the average 401(k) and IRA balances increased 10 percent over the last year and continued to hit record levels. The average 401(k) balance rose to $99,900, while the average IRA balance climbed to $103,500."
- "While the average 401(k) and IRA balance increased for every generation (Boomers, Gen X and Millennials) over the last year, significant growth was seen among Gen X investors. The average IRA balance for Gen X investors increased 16.5 percent to $51,500, and the average Gen X 401(k) balance increased 18 percent to $98,800."
- "The average 401(k) contribution rate reached 8.5 percent in Q3, the highest percentage in almost 10 years, and more than one-in-four savers (29 percent) increased their contribution rate over the last year. The amount contributed to IRAs year-to-date increased 12 percent; Roth IRA contributions alone increased by 13 percent."
- "As of the end of Q3, 29 percent of all Fidelity 401(k) assets were held in target date funds, up from 18 percent at the end of Q3 2012. Almost half of all workers (48 percent) hold all of their 401(k) savings in a target date fund, up from 30 percent in 2012."
Let's end with this quote from singer and songwriter Johnny Cash,
| "You build on failure. You use it as a steppingstone. Close the door on the past. You don't try to forget the mistakes, but you don't dwell on it. You don't let it have any of your energy, or any of your time, or any of your space." |
