PennyGem’s Elizabeth Keatinge tells us about what may be some good news for you and your retirement plans!
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00:00 More employers are automatically enrolling new workers in 401k plans and contributing
00:09 higher percentage of their salaries.
00:11 That's a good thing as Market Watch reports.
00:14 Fidelity Investments data says that about 35% of employers are enrolling new workers
00:19 in 401k plans as of 2019's fourth quarter.
00:23 In a price release from Fidelity, the average 401k balance increased to $112,300.
00:31 That's a record high and a 7% increase from last quarter's balance of $105,200.
00:38 The average IRA and 403(b) balance also rose during the same period.
00:44 Oh, and guess who's leading the way?
00:47 Millennials!
00:48 The percentage of millennials contributing to an IRA increased 21% over the fourth quarter
00:52 of 2018.
00:54 There are also record levels of millionaires.
00:57 The number of people with a million dollars or more in their 401k increased to 233,000.
01:04 That's up from just 21,000 a decade earlier.
01:07 Retirement may be looking pretty nice after all.
01:10 [MUSIC PLAYING]