401(k) balances hit record $89,300 last year (salary, regular, retirement, money)

[Finn_Jarber]

401(k) balances reach record highs, but many young workers still cashing out - Feb. 13, 2014

The surging stock market helped boost average 401(k) balances to yet another record high in 2013. But many young and low-income workers are not doing such a great job of keeping that cash in their accounts.

The average 401(k) balance hit $89,300 at the end of the year, up 15.5% from $77,300 in 2012, according to an annual tally by Fidelity Investments. Most of the boost came from stock market gains as all three major stock indexes ended the year more than 20% higher

People on the verge of retirement, ages 55 to 64 years old, saw their nest eggs grow to an average balance of $165,200 from $143,300 in 2012, Fidelity said. Savers with both a 401(k) plan and Individual Retirement Account managed by Fidelity had larger nest eggs, with an average balance of $261,400, up from $225,600 in 2012.

[Goinback2011]

Printing money sure is good for the market.

For now...

[MaseMan]

Originally Posted by Goinback2011

Printing money sure is good for the market.

For now...

And if this was all happening under President Romney, the Republicans would be having mass orgies in the streets.

[Goinback2011]

Originally Posted by MaseMan

And if this was all happening under President Romney, the Republicans would be having mass orgies in the streets.

The rich - Dem and Republican - ARE having orgies in the streets.

It's the rest of America that isn't.

[Retroit]

Originally Posted by MaseMan

And if this was all happening under President Romney, the Republicans would be having mass orgies in the streets.

...and the Democrats would be complaining that he was helping the rich get richer.

Those numbers seem far too low for adequate retirement savings.

[Finn_Jarber]

Originally Posted by Goinback2011

Printing money sure is good for the market.For now...

High retirement balance is good for the retirees.

[Finn_Jarber]

Originally Posted by Goinback2011

The rich - Dem and Republican - ARE having orgies in the streets.

It's the rest of America that isn't.

The title is about the average 401K balance. Yes, regular people have 401Ks too, not just the rich.

[Finn_Jarber]

Originally Posted by Retroit

...and the Democrats would be complaining that he was helping the rich get richer.

Those numbers seem far too low for adequate retirement savings.

It's an everage, which means is includes young people who have saved only few years.

[Retroit]

Originally Posted by Finn_Jarber

It's an everage, which means is includes young people who have saved only few years.

Yeah, I realize that, but even the numbers for people close to retirement seem low. That's only a few years salary for most people.

[Finn_Jarber]

Originally Posted by Retroit

Yeah, I realize that, but even the numbers for people close to retirement seem low. That's only a few years salary for most people.

I agree a couple hundred grand isn't enough, but it's still a record. It helps, if nothing else. If CD rates were 6% (which they will be), then $200K should give you about $700 a month after tax. I remember in the 1990s, Fidelity etc would send reps to the corporations to preach to the young people about how they would have $5 million in their 401K at 60 yr if they invest 10% from every pay check starting in your 20s. What a crock.