Thursday, February 14, 2013 12:50 am
Fidelity: 401(k) balances grew 12 percent in 2012
By MARK JEWELLAP Personal Finance Writer
The average account balance grew 12 percent last year, according to Fidelity Investments. The nation's largest 401(k) administrator said Thursday that the year-end average was $77,300, up from $69,100 a year earlier. In the fourth quarter, the average balance rose 2 percent.
About two-thirds of last year's growth was attributed to investment returns and one-third to worker contributions and company matches.
The Standard & Poor's 500 stock index posted a 16 percent return last year, while a broad U.S. bond index rose 4 percent.
The average balance among the 12 million 401(k) accounts that Fidelity administers is at the highest level since it began tracking the data in 2000.