Strong growth in the stock market this year has led to significant gains for savers with retirement accounts. According to data from Fidelity Investments, the average 401(k) plan balance reached $127,100 at the end of the second quarter, marking a 13% increase from the same period last year. This growth follows a 16.4% jump in balances from the previous year.
Retirement savers in the second quarter of 2024 benefited from the continued upswing of the previous quarter, with contribution levels and average account balances reaching record highs, noted Fidelity Investments.
