Americans’ 401(k) and IRA balances have reached all-time highs for the third consecutive quarter, according to Fidelity Investments.
The average 401(k) balance was $97,700 as opposed to $73,300 five years ago. The average IRA balance hit $100,200, five years ago it was $73,100.
Fidelity says the growth is due to 53 percent market action and 47 percent employee contributions. But, one in five workers aren’t taking advantage of their (401)k company match, potentially missing out on thousands of dollars.