RALEIGH, N.C. (WTVD) -- The average 401(k) balance has risen by 11% in the latest quarterly report from Fidelity Investments.
This marks the third consecutive year of double-digit growth for workplace retirement accounts, driven by consistent saving habits and strong market performance.
Fidelity reports that Gen X workers are maintaining a total savings rate above the recommended 15%, while Millennials and Gen Z are increasing contributions, with more opting for Roth 401(k)s.
"Americans are clearly considering all the savings options available to them in an effort to solidify their financial futures. Saving early and often, especially in a tax advantaged way, is one of the best strategies," said Bob Mascialino, president of Wealth at Fidelity Investments.
The analysis is based on data from nearly 25 million retirement accounts.
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