And that’s despite all the tariff turmoil.
Transcript:
CAORLINE WOODS: Retirement savers who stayed the course in early 2025 were rewarded in the second quarter – with their 401(k) balances climbing sharply instead of taking more pain.
And it wasn’t easy not to panic – especially after stocks tanked in April following the tariff news. But as stocks rebounded, so too did 401(k)s.
The average 401(k) balance hit a record high of $137,800 as of June 30, according to Fidelity, which tracks about 25 million accounts. That’s up 8.4% from the first quarter and 4.6% from the end of last year.
Savings rates made a big difference, too. On average, participants put away a little over 14% of their salary – with 9.5% coming from employees and 4.8% from employer matches.
And more savers are hitting millionaire status. Fidelity says the number of 401(k) accounts with balances of $1 million or more rose to 595,000 in the second quarter — most of them Gen Xers. That’s up from 512,000 in the first quarter and 497,000 a year ago.
Still, those seven-figure accounts make up only 2.4% of all Fidelity accounts.
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