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Pre-retirees who continuously held a 401(k) plan with Fidelity Investments for the past 10 years more than doubled their account balances, according to data released by the company.
The average account balance for these pre-retirees, aged 55 years or older, rose to $211,300 by the end of the third quarter from $96,000 ten years ago. Pre-retirees with a contribution rate at or above 8% this year showed average balances increasing more than 130% over the past 10 years to $291,700.
Matt Ackermann is a former online editor-in-chief of SourceMedias Investment Advisor Group.
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