16 Sep 2021
Despite surging covid cases and climbing inflation, Americans’ retirement account balances continue to rise to record levels. Others, though, are fighting to pay rent — unable even to think about investing for the future. Let’s look at the "haves" who are saving for retirement in workplace plans. Workers who continue to contribute to their plans were rewarded with significant increases in their account balances, according to Fidelity, the largest administrator of workplace retirement accounts. The average 401(k) balance increased to a high of $129,300 in the second quarter of 2021, up 24 percent from the same period a year ago. The number of workers with accounts of $1 million or more also increased to record levels.
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