Fidelity: Individual Retirement Account balances hit five-year high
Fidelity Investments said Individual Retirement Account balances have hit a five-year high, with the average balance hitting $81,100 at the end of last year.
The average IRA has risen 53 percent from 2008, as the financial crisis struck. Younger investors, with smaller balances, have seen the largest percent increases – as those from age 30 to 39 had their balances more than double, to $20,700. People over age 70 ended the year with an average balance of $164,300, up 49 percent.
Boston-based Fidelity, the nation’s largest retirement plan manager, also said contributions to IRAs have risen every year since 2008, indicating that investors are setting more money aside. The average IRA contribution for a person aged 20 to 29 last year was $3,170, while people age 60 to 69 gave the most, at $4,710.Beth Healy can be reached at email@example.com.