According to financial company Fidelity Investments, the United States has seen an unprecedented rise in the funds in the retirement accounts of its citizens. So far, the number of millionaire retirement accounts in the US has increased by 11.5%.
According to Fidelity Investments estimates, the number of 401(k) accounts with balances of at least $1 million rose to 422,000. The average 401(k) balance for the fourth quarter increased by 14% to $118,600 compared to 2022. At the same time, the average balance of an individual retirement account (IRA) in the US advanced by 12% year-over-year, reaching $116,600.
Analysts explain the dynamics of pension savings by the US stock market recovery. Notably, in 2023, the Nasdaq index jumped by 43%, the S&P 500 index added 24%, and the growth of the Dow Jones industrial index amounted to 13%. Interestingly, American retirees are actively using such financial instruments to save for the period after their retirement.
