So do you have $300,000 or more in your 401(k)?
The average 401(k) plan balance hit $305,900 as of the second quarter among participants who have been in their 401(k) plan for 10 years in a row, according to the latest quarterly analysis of retirement savings trends released by Fidelity Investments. The average is based on a group of 1.6 million participants in Fidelity retirement accounts.
What is interesting: The latest average is more than five times the average balance of $59,900 for a similar group 10 years ago.
A big bull market for stocks, which began in March 2009 and has kept going, surely helps.
Who's doing well in their 401(k) plans?
Six-figure 401(k)s tend to be concentrated by ages for those who have been consistently saving in their 401(k) for 10 years straight.
For baby boomers in that group, who are ages 55 through 73 now, the average balance was $365,800 (with 697,000 Fidelity participants). For the Gen-Xers (ages 39 through 54), the average 10-year balance was $278,600 (with 802,000 in that group).
For millennials, who are ages 23 through 38, the average 10-year balance was $135,100 (with 117,000 Fidelity participants).