Check That 401k! Your Company Could Be Putting More Money Into It Than You Think

PennyGem’s Elizabeth Keatinge tells us about what may be some good news for you and your retirement plans!

Transcript

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]