The stock market has been sluggish for over a year, a fact that may have discouraged you about your chances of building a solid nest egg.
But in the long run, despite the recent market turmoil, retirement savings may turn out to be better than you might think.
According to new research from Fidelity Investments, savers’ retirement accounts have grown significantly over the past decade.
Fidelity recently Q4 and year-end A 2022 analysis of the status of over 43.4 million IRA, 401(k) and 403(b) retirement accounts on our platform.
As part of this analysis, the investment firm also highlighted how wealthy savers have gotten over the past decade. Below are the numbers.
personal retirement account
Fidelity averaged $104,000 in Q4 IRA balances, up 2% from the previous quarter ($101,900) and up 36% from a decade ago ($76,700).
401(k) accounts
Average 401(k) balances on Fidelity were $103,900 in the fourth quarter, up 7% from the previous quarter ($97,200) and up 34% from a decade ago ($77,600).
403(b) accounts
If you have a 403(b) account, also known as a tax-deductible pension (TSA) plan, which is a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations, Fidelity I also saw: Their portfolio grows big.
Average 403(b) balances at Fidelity were $92,683 in Q4 2022, up 6% from the previous quarter ($87,400) and up 56% over the past decade ($59,600).
How to increase portfolio returns
No matter where you are in your investment journey, there are things you can do today to strengthen your stay at home.
Money Talks News founder Stacy Johnson has become a millionaire several times, but he got there the old-fashioned way.
Stacy often shares insights on how to become a better saver and investor on his podcast. For example, late last year he provided a list of “his 15 money moves for a richer New Year.”
You can find more of Stacy’s podcasts on this website.
Another way to sharpen your money skills is to learn more about saving, investing, and other aspects of everyday financial life. Money Talks News offers two courses to help you deepen your investment and savings knowledge.