The average 401(k) balance rose 12 percent to $74,900 at the end of the first quarter, marking an all-time high since 1982, according to Boston-based Fidelity Investments.
Nearly one in 10 participants increased their deferral rate during the first quarter, the largest percentage since 2006, according to a statement.
"One of the best predictors of an employee’s future retirement savings is his or her engagement level in the planning process," said Carolyn Clancy, executive vice president, Fidelity Investments. "Our innovative approach to employee education is designed to combat inertia and increase the level of engagement by communicating to participants during key life events very simple yet actionable ways to help them improve their retirement readiness."
