New York CNN —
Many more new 401(k) “millionaires” were created last year, but the overall number remains low, according to data released Tuesday.
Thanks to strong performances in stocks and bonds in 2023, coupled with steady savings rates and employer-provided matching contributions, 401(k) investors ended 2023 very much in the black.
That’s according to new fourth-quarter data from Fidelity Investments, one of the largest providers of workplace retirement plans that cover 23 million 401(k) participants.
The average 401(k) balance rose to $118,600 at the end of the fourth quarter, up 14% for the year.
→ Continue reading at CNN - Business News
