Fidelity Investments said the average 401(k) balance decreased slightly in the second quarter, to $91,100 from $91,800 in Q1. The average IRA balance, however, increased 2.4% in the quarter to $96,300.
The average 12-month total 401(k) savings amount (employee and employer contributions), eclipsed $10,000 for the first time -- totaling $10,180 at the end of Q2.
The money manager also highlighted how many older 401(k) investors are “top-heavy” on stocks.
“Fidelity compared average asset allocations to an age-based target-date fund and found 18% of people 50 to 54 had a stock allocation at least 10 percentage points or more than recommended, and for people ages 55 to 59, that figure increased to 27%.”