Fidelity® Q4 2024 Retirement Analysis: Retirement Savers Achieve Positive Momentum Through 2024

Gen X Savers See Significant Year-over-Year Growth in Both 401(k)s and IRAs

New Fidelity Research Explores the Changing Definition of Retirement

BOSTON--(BUSINESS WIRE)--According to Fidelity Investments^®’ latest Q4 2024 retirement analysis, retirement savers experienced a year of positive growth in 2024. While average balances across the board dipped slightly from Q3, the end-of-year 401(k) balance ranks as the second-highest average on record and an 11% increase from the start of 2024. Additionally, both long-term Gen X¹ 401(k) savers and Gen X IRA savers experienced positive gains over the course of the year in both average balance and contributions.

“This year, retirement savers experienced several quarters in a row of upward growth, with account balances making significant gains over the course of 2024,” said Sharon Brovelli, president of Workplace Investing at Fidelity Investments. “We are pleased to see so many individuals begin 2025 with a strong financial foundation and the savings behaviors in place that will help them better navigate what may come in the year ahead.”

As one of the country’s leading workplace benefits providers² and America’s No. 1 IRA provider³, Fidelity’s latest analysis of savings behaviors and account balances for more than 50 million IRA⁴, 401(k)⁵, and 403(b)⁶ retirement accounts can be found here.

“As we have for several quarters now, we observed upward savings trends in Q4. This is encouraging news and is particularly important for many Gen X savers, who are able to make catch-up contributions,” says Roger Stiles, Head of Fidelity Wealth. “This is an important consideration as the April tax deadline approaches where investors may be able to contribute to an IRA for potential tax deductions for 2024.”

This quarter’s retirement analysis also places a spotlight on the shift in how Americans are defining retirement. According to new Fidelity research, 63% of employers report a workforce with at least 30% of employees over the age of 50. Fidelity published two research papers that explore this evolution and what it means for the workplace: Rethinking Retirement looks at how an aging workforce is leading employers to reevaluate retirement transition strategies, while Is Retirement Retiring? looks at the shift in employees working past the age of 65 and highlights how offering supportive benefits can be advantageous to employees and employers.

Additional details and insight on retirement trends and data can be found in Fidelity’s latest quarterly edition of “Building Financial Futures” as well as the Workplace Insights hub, which explores original research, data-driven insights, and the latest industry trends.

About Fidelity Investments
Fidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $15.1 trillion, including discretionary assets of $5.9 trillion as of December 31, 2024, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 78 years, Fidelity employs more than 77,000 associates across the United States, Ireland, and India. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.

Keep in mind that investing involves risk, including the risk of loss. The value of your investment will fluctuate over time, and you may gain or lose money.

Past performance is no guarantee of future results.

Views expressed are of the date indicated, based on the information available at that time, and may change based on market or other conditions. Fidelity does not assume any duty to update any of the information.

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¹ Generations as defined by Pew Research: Baby Boomers are individuals born between 1946 – 1964, Gen X are individuals born between 1965-1980, Millennials include individuals born between 1981 – 1996 and Gen Z includes individuals born between 1997 – 2012.
² Based on PLANSPONSOR Magazine's “2024 Recordkeeping Survey,” June 2024 and “Plan Administration Guide, Part 1” which offers insight into the provider marketplace for defined benefit (DB), stock plan and health savings account (HSA) administration, May 2018.
³ Based on Cerulli Associates’ U.S. Retirement End-Investor 2024: Top-10 IRA Providers by AUA, 4Q 2021–4Q 2023.
⁴ Fidelity business analysis of 16.8 million IRA accounts as of December 31, 2024. Considers only active participants with balance.
⁵Fidelity Investments Q4 2024 401(k) data based on 26,700 corporate defined contribution plans and 24.5 million participants as of December 31, 2024. These figures include the advisor-sold market but exclude the tax-exempt market. Excluded from the behavioral statistics are non-qualified defined contribution plans and plans for Fidelity’s own employees.​
⁶ Fidelity Investments Q4 2024 403(b) data based on 10,800 Tax-exempt plans and 8.9 million plan participants as of December 31, 2024. Considers average balance across all active plans for 6.55 million unique individuals employed in tax-exempt market.