Fidelity: 401(k) accounts reach all-time high

May 11, 2011|By Eileen Ambrose

So maybe we are becoming a nation of savers?

Fidelity Investments, a major provider of 401(k) plans for employers, says the average balance reached $74,900 at the end of March, a record high since December 1998 when the company started tracking this information.

Fidelity says the average balance is up nearly 12 percent from a year earlier, but a 58 percent jump since 2009.

Of course, the stock market recovery surely has a lot to do with that. March 2009 was a low in the market after the disastrous Fall of 2008 when stocks seemed to be on a downward spiraling rollercoaster with no brakes.

But Fidelity also noted that about 10 percent of workers bumped up their contributions into the 401k(k) in the first quarter, the largest percentage to do so in the five years that Fidelity started tracking that number.

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