MINNEAPOLIS (WCCO) — According to the Investment Company Institute, 56 percent of American workers gave to a 401(k) in 2014. That rate has stayed relatively steady since 2008.
The average balance for a 401(k) is now $104,000 and the average contribution rate is 8.6-percent. In Minnesota, the average is slightly higher at $112,000. That’s according to Fidelity Investment, which manages a quarter of the 401(k) accounts in the U.S.
The number vary widely by age. For workers in their early 30s, the average balance in $30,500. It’s $87,400 for early 40s and $155,700 for early 50s.