US Retirement Balances Hit Record High in Q2 as 14.4% 401(k) Savings Rate Holds
Updated
Updated · en.bloomingbit.io · Sep 8
US Retirement Balances Hit Record High in Q2 as 14.4% 401(k) Savings Rate Holds
2 articles · Updated · en.bloomingbit.io · Sep 8
Summary
Average US retirement account balances reached an all-time high in the second quarter even as more workers pulled money out to cover day-to-day living costs.
Inflation-driven pressure on household budgets is pushing some savers to tap long-term retirement funds despite the broader rise in account values.
Fidelity data showed average 401(k) balances grew 10.5% in Q2 while the total average savings rate held at a record 14.4%, helped in part by stock-market gains.
The mixed picture suggests retirement wealth is still expanding overall, but financial strain is forcing a growing share of workers to use those savings early.