BOSTON May 23 The average 401(k) retirement
balance for U.S. workers hit a record high of $80,900 in the
first quarter, a growth spurt of 75 percent since the stock
market's nadir in March 2009, Fidelity Investments said on
Thursday based on a survey of its accounts.
Most of the recovery is linked to a stock market rally that
has lifted the broad S&P 500 Index 145 percent since the close
of trading on March 9, 2009.
The 401(k) recovery looks even better for workers 55 and
older, according to Boston-based Fidelity, the largest U.S.
administrator of 401(k) retirement plans. Those pre-retirement
workers have seen their average balance nearly double to
$255,000 since the first quarter of 2009 when the average
balance was $130,700. The analysis covers people who have been
with their current employer 10 or more years, Fidelity said.
But a small percentage (1.6 percent) of pre-retirees have
not seen as much of a rebound because they abandoned stocks
during the tumult of the financial crisis. Their average balance
grew only 26 percent to $101,000 over the same period, Fidelity