Please click on the above chart to enlarge. From Fidelity's press release:
- Average individual 401(k), 403(b) and IRA account balances increased year-over- year, but dipped slightly from Q4 2017. The average 401(k) balance dropped to $102,900, about 1 percent lower than Q4 2017 but an 8 percent increase from Q1 2017. The average IRA balance also dipped about 1 percent to $105,100 from last quarter, but increased 8 percent year-over-year. The average 403(b) account was $82,100, down slightly from Q4 2017 but up 9 percent year-over-year.
- 10-year account balances reach record levels. Individuals who have saved in their company's 401(k) for 10 years had a record high average account balance of $290,100 at the end of Q1, compared with an average of $250,500 a year ago.
- 15-year account balances up 9 percent. Individuals who have saved in their company's 401(k) for 15 years had an average balance of $379,600 at the end of Q1, up from $330,200 a year ago.
- 401(k) millionaires increasing. The number of people with $1 million or more in their 401(k) increased to 157,000 at the end of Q1, a 45 percent increase from Q1 2017. Based on Fidelity's internal analysis, most 401(k) millionaires have been saving for about 30 years.
Looking at early numbers from 2018 one interesting point Fidelity makes in the Building Financial Futures report is that employer plus employee contribution rates exceed the 2008 level. As of the end of Q1 2008 the rate was 12.6% and as of the end of Q1 2018 the rate was 13.2%. Washington state led the nation with the highest rate of employee plus employer contribution with a rate of 15.5%. Arkansas and Mississippi tied for the lowest rate, 11.3%. Please read Fidelity's report Building Financial Futures for more insights into the trends of Americans saving for retirement.
