US 401(k) balances hit record $155,800 average amid account raids
Average retirement savings reached an all-time high while workers increasingly access these funds to cover daily expenses.
Retirement account balances across the United States reached record highs in the second quarter. Fidelity data showed the average 401(k) balance grew 13.1% year over year to $155,800. The average individual retirement account balance increased 10% from a year ago to $144,523. Rising balances were supported by market gains following an earlier sell-off caused by the Iran war. The Dow Jones Industrial Average rose roughly 10% year to date. Both the Nasdaq Composite and S&P 500 advanced around 12%. Despite these record funds, experts noted workers are drawing from accounts to relieve financial pressures. This trend occurs against a backdrop of broader affordability issues.
