401(k) Balances Reach 10-Year High

As reported by Bloomberg, February 23 2011

The average account balance rose to $71,500 in 2010, up about 11% from the end of 2009, according to Fidelity Investments.    About two-thirds of the increase in account balances last year was driven by market performance while one-third was attributed to participant action such as contributions.

“This is a very positive finding,” said Beth McHugh, vice president of market insights for Fidelity.  “People are saving.”

Fidelity is the largest provider of 401(k)s, with 11 million participants in almost 17, 000 employer-sponsored defined contribution plans.

Read the full article here.

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