About Fidelity

Positive Gains for Retirement Savers

Total 401(k) Savings Rates
Total 401(k) savings rates–reflecting combined employee and employer 401(k) contributions–remained steady at 13.9%, consistent with Q2 and Q3 2023 and up slightly from a year ago (13.7%).

Average Long-Term Balances
The average balance for Gen X4 workers in their 401(k) plan for 15 years straight topped half a million dollars ($501,000) at year end 2023, illustrating the benefits of consistent savings, contributing enough to receive the employer match and taking a long-term approach to retirement.

Gen Z4 Roth IRA accounts
Accounts increased 50% in Q4 2023 compared to Q4 2022, with average contributions increasing 1.1%. IRA accounts owned by female Gen Z-ers increased by 59% over the last year.

401(k) Millionaires
This quarter saw a 20% increase in 401(k) millionaires following Q3 2023, when the number of millionaires dropped as a result of market conditions. The number of millionaires in Q4 is also 11.5% higher than Q2 2023.

2023 Year in Review

In addition to fluctuating economic conditions, positive savings behaviors also play an important role in helping workers reach their retirement goals. At the end of 2023, 78% of 401(k) savers were contributing at rate high enough to secure the full matching contribution offered by their employer.

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Workers who changed their asset allocation

In Q4, 5% of workers changed their asset allocation. Looking at all of 2023, 8.4% made adjustments.

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Individuals who increased their contribution rate

In Q4, 10% of employees increased their contribution rate. For the full year, 37.2% made an increase.

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Individuals who proactively increased their contribution rate (versus an auto increase)

In Q4, 48% of individuals proactively increased their contribution rate, rather than relying on auto increases. For the full year 2023, of the people that increased their contribution, 27% proactively increased their contribution rate.

The Power of RMDs

With required minimum distributions (RMDs) kicking in around age 73, as a result of SECURE 2.0’s recent provisions, most pre-retirees and retirees under the age of 70 maintained a savings mindset and did not withdraw from their 401(k) plans.


of retirees age 73+ made 401(k) withdrawals in 2023


of retirees age 70-72 made 401(k) withdrawals in 2023

*Unless otherwise noted, data within is based on Fidelity's analysis of savings behaviors and account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.
1Fidelity Investments Q4 2023 401(k) data based on 23,500 corporate defined contribution plans and 22.7 million participants as of December 31, 2023. 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.
2Fidelity Investments Q4 403(b) data based on 10,116 Tax-exempt plans and 8.4 million plan participants as of December 31, 2023. Considers average balance across all active plans for 6.22 million unique individuals employed in tax-exempt market.
3Fidelity business analysis of 15 million IRA accounts as of December 31, 2023. Considers only active participants with balance.
4Generations 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.