Not surprisingly, the average balances increased as investors grew older, reaching $397,400 for those between the ages of 65 and 69. Annual contributions also increased with age. The average combined annual contribution for all investors was $11,150 with contribution levels peaking at $13,100 for investors in their 50s.
“By maximizing the long-term, tax-advantaged growth potential of both workplace savings plans and IRAS, investors can create a personalized plan to help them achieve better outcomes in retirement,” James MacDonald, president of Workplace Investment at Fidelity, said in a statement.
The analysis was based on 999,000 individuals who had both an IRA and 401(k) or 403(b) balances at Fidelity as of Dec. 31, 2012.