There's Good News for 401(k) Account Holders

The average 401(k) balance in the US has hit a record high. According to Fidelity Investments' most recent quarterly analysis of its 30 million customers, that average was $106,500 at the end of the third quarter, USA Today reports. That's almost 7% higher than a year prior and almost double the $56,900 average balance during the financial crisis in 2008. The previous record, at the end of 2017's last quarter, was $104,300. The analysis also looked at IRA holders, and the average balance for those accounts also set a record: $111,000 compared to $52,000 in 2008. (There's also good news about 401(k) millionaires.)