Retirement accounts hold record balances

The recent stock run-up is performing wonders for retirement financial savings.

The average stability in a Fidelity IRA rose 15% in the 2nd quarter to $ 92,600 — an all-time high.

Ultimate Guide to Retirement

  • Receiving commenced
  • 401(k)s &amp firm ideas
  • Investing
  • Annuities
  • IRAs
  • Self-employment ideas
  • Pensions and advantage programs
  • Social Safety
  • Insurance coverage
  • Estate preparing
  • Residing in retirement
  • Obtaining assist

In the very same period, the common balance in a Fidelity 401(k) also set a record, up almost 13% to $ 91,000.

The surging stock market drove most of the gains. Contributions from personnel and employers accounted for about a quarter.

The numbers look better if you have been doing work a whilst: The stability for workers who have been in a 401(k) for 10 many years rose 15% a yr above the previous decade to $ 246,200.

Still, even that balance is most likely not sufficient to retire on. Fidelity suggests ultimately conserving eight instances your yearly salary.

Even a lot more sobering, a 2013 study by the Employee Advantage Research Institute located that virtually half of all employees had less than $ 10,000 saved.

Calculator: Will you have enough to retire?

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