Average 401k Mat

In mid february fidelity investments announced that average 401 k balances had reached record highs at the end of 2019 112 300 compared to 105 200 at the end of september 2019 and 95 600.

Average 401k mat. Their national compensation survey found that of the 56 of employers who offer a 401k plan a sad statistic in itself. The average annual employee 401 k contribution was 6 940 during the 12 months ending march 2019 according to fidelity which is one of the largest retirement account record keepers. The average matching contribution is 4 3 of the person s pay. If you have more than 20 options it s probably not going to be a.

In other words if you make 80 000 a year you don t get 4 000 in free money but max out at 3 000 for a total of 19 500. The average vanguard 401 k plan offered 27 investment options in 2017 up from 24 in 2008 many of which are target date funds. The most common match is 50 cents on the dollar up to 6 of the employee s pay. The average 401 k balance across millions of fidelity accounts is 103 700.

Based on an informal survey of friends off line and on line the average 401k percentage match is around 5 of salary up to 3 000. 38 400 contribution rate of income. Some employers match dollar for dollar up to a. 8 among millennials which fidelity defines as those born between 1981 1997 ira contributions increased by 21 compared to q4.

To give you an idea of how your retirement savings stack. In fact the average 401 k balance at fidelity which holds 16 2 million 401 k accounts and is consistently ranked as the largest defined contribution record keeper was 103 700 as of. The average 401k program.