NU Online News Service, August 9, 2004, 1:35 p.m. EST
The average long-term 401(k) account grew by 29% in 2003, according to a new report.[@@]
The mean account balance for individuals who have maintained accounts at least since 1999 was $76,809 at the end of 2003, up from $59,510 the year before, says the report by the Employee Benefit Research Institute and the Investment Company Institute in Washington.
“As anticipated, a rising equities market is reflected in growing retirement account balances,” said EBRI president and chief executive officer Dallas Salisbury.
But much of the increase was due to both new contributions as well as changes in the value of assets already in the accounts.