An analysis by the Employee Benefit Research Institute (EBRI) shows that 2017 was a banner for 401(k) plan account balance. The analysis found that the average account balance for younger (25-34), less tenured (1-4 years) workers gained 43% in 2017.
For older workers, the average 401(k) account balance of those aged 55-64 with more than 20 years of tenure ended the year nearly 20% (19.5%) higher than they began the year. Having been in the business long enough to remember two huge stock market downturns, this is some good news.
While some always lament 401(k) plans when the markets tank, it’s nice to appreciate when workers can make some nice gains.
