Report claims 401(k) balances near all-time highs as stock market records set

NEW YORK – According to Fidelity Investments’ latest Q4 2024 retirement analysis, retirement savers experienced a year of positive growth in 2024. While average balances across the board dipped slightly from Q3, the end-of-year 401(k) balance ranks as the second-highest average on record and an 11% increase from the start of 2024. Additionally, both long-term Gen X 401(k) savers and Gen X IRA savers experienced positive gains over the course of the year in both average balance and contributions.

“This year, retirement savers experienced several quarters in a row of upward growth, with account balances making significant gains over the course of 2024,” said Sharon Brovelli, president of Workplace Investing at Fidelity Investments. “We are pleased to see so many individuals begin 2025 with a strong financial foundation and the savings behaviors in place that will help them better navigate what may come in the year ahead.”

As one of the country’s leading workplace benefits providers and America’s No. 1 IRA provider, Fidelity’s latest analysis of savings behaviors and account balances for more than 50 million IRA, 401(k), and 403(b) retirement accounts can be found here.

“As we have for several quarters now, we observed upward savings trends in Q4. This is encouraging news and is particularly important for many Gen X savers, who are able to make catch-up contributions,” says Roger Stiles, Head of Fidelity Wealth. “This is an important consideration as the April tax deadline approaches where investors may be able to contribute to an IRA for potential tax deductions for 2024.”

This quarter’s retirement analysis also places a spotlight on the shift in how Americans are defining retirement. According to new Fidelity research, 63% of employers report a workforce with at least 30% of employees over the age of 50. Fidelity published two research papers that explore this evolution and what it means for the workplace: Rethinking Retirement looks at how an aging workforce is leading employers to reevaluate retirement transition strategies, while Is Retirement Retiring? looks at the shift in employees working past the age of 65 and highlights how offering supportive benefits can be advantageous to employees and employers.

Additional details and insight on retirement trends and data can be found in Fidelity’s latest quarterly edition of “Building Financial Futures” as well as the Workplace Insights hub, which explores original research, data-driven insights, and the latest industry trends.