LOS ANGELES (AP) — Strong growth for stocks on Wall Street this year have helped juice gains for savers with retirement accounts.
LOS ANGELES — Strong growth for stocks on Wall Street this year have helped juice gains for savers with retirement accounts .
“Retirement savers in the second quarter of 2024 benefited from the continued upswing of the previous quarter, when contribution levels and average account balances reached record highs,” said Sharon Brovelli, president of workplace investing at Fidelity Investments. Individual retirement accounts, or IRAs, also rose. The average balance was $129,200 by the end of the second quarter, an increase of 1% from the first quarter and up 14% from the second quarter last year, Fidelity said.
For many savers, their growing nest eggs are proving too tempting not to tap early. Some 18.3% of employees with a 401 plan had a loan outstanding on their retirement account balance in the second quarter, Fidelity said. That's up from 17.2% in the same quarter last year.
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