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August 18, 2023 at 02:00 PM
The average contribution rate for automatically enrolled retirement savers has reached an all-time high, according to a new set of account balance data published by Fidelity Investments.
In addition, Fidelity’s second-quarter 2023 retirement analysis shows balances have increased for the third straight quarter, owing in large part to steady employer and employee contributions and positive market conditions.
The new analysis is based on data from more than 45 million individual retirement accounts, 401(k)s and 403(b) retirement accounts administered by the firm. According to Fidelity, the growth in accounts owned by young people has been particularly impressive over the past 12 months — including a 66% increase among Generation Z workers over the second quarter of 2022.
In a news release containing the new data, Kevin Barry, president of Workplace Investing at Fidelity Investments, says the firm is pleased to see a third straight quarter of positive gains for retirement savers. As the market continues to improve, Barry said, both employees and employers remain committed to establishing a strong financial future.
“As we begin to see improvements in market conditions, maintaining high contribution and savings rates is an essential component of improving one’s retirement readiness,” Barry said.
See the slideshow for a list of 10 impressive facts drawn from the latest Fidelity data. While experts will still argue there is a looming retirement readiness crisis here in the United States, the new data offers a source of optimism by demonstrating how a long-term commitment to saving in the workplace can help even Americans of modest means achieve a stable and dignified retirement.
Slideshow
