Average contributions to individual retirement accounts at Fidelity reached an all-time high of more than $4,000, according to the company's second annual analysis of more than 7 million IRAs.
For tax year 2013, the average contribution was $4,150 – a 5.7 percent increase from tax year 2012 and the highest it's ever been. Average balances gained almost 10 percent year over year for the same period, to total $89,100.
"The fact that IRA contributions are up across all age groups is a positive indication that many people are indeed committed to saving for retirement by putting at least a portion of what they earn into tax-advantaged vehicles such as an IRA," said Ken Hevert, vice president, Fidelity Investments, in a statement,
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
