The Average Retirement Account Balance in 2024

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Man holding a golden egg
XiXinXing / Shutterstock.com

Retirement savings nationwide continued to rebound during the fourth quarter of 2023 as balances hit their highest level in almost two years, according to Fidelity Investments.

In addition to a strong year for stock market performance, more than one-third of workers — 37% — boosted their retirement savings contribution rate during 2023, Fidelity says.

Following is a rundown of how much people had saved for retirement as the fourth quarter of 2023 came to a close.

Individual retirement accounts

Man counting his money
Krakenimages.com / Shutterstock.com

Average balance as of the third quarter of 2023: $116,600

Past average balances:

  • Previous quarter: $109,600
  • One year ago: $104,100

After a miserable 2022, the stock market rebounded strongly in 2023. By the fourth quarter of last year, average account balances in individual retirement accounts (IRAs) had jumped from where they finished 2022.

The market is off to another strong start in 2024. Time will tell if stocks end the first quarter higher than they were in the first quarter of 2023.

401(k) plans

Older couple with a money jar
Poungsaed-Studio / Shutterstock.com

Average balance as of the third quarter of 2023: $118,600

Past average balances:

  • Previous quarter: $107,700
  • One year ago: $103,900

Workers who save for retirement in a 401(k) plan also saw their balances jump in the fourth quarter. They are now sitting on tidy gains compared to where they were at the end of 2022.

403(b) plans

Young couple making money decision
Africa Studio / Shutterstock.com

Average balance as of the third quarter of 2023: $106,100

Past average balances:

  • Previous quarter: $97,200
  • One year ago: $92,700

A 403(b) plan is similar to a 401(k), but it typically is available to people who work in public schools or for charities. As you might expect, the trends in 403(b) plan balances over the past year are similar to those of 401(k) plans.

Increasing your retirement account balance

Happy senior couple
PeopleImages.com – Yuri A / Shutterstock.com

Building a large retirement nest egg does not involve magic. Instead, you must commit to the effort, then slug it out day by day and step by step.

Over time, the little seeds you plant can become towering money trees. But it only happens if you create a plan and stick to it.

For tips on getting started saving for your golden years, check out:

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.