When gauging 401(k) savings, data often compares generations. But comparing workers by industry can show differences in financial preparedness.
During the first quarter, average retirement account balances reached the highest levels since the fourth quarter of 2021, according to Fidelity.401 balance
"They want to make sure that what they're doing is aligned with the companies that they're competing with for talent," Shamrell said.Legal services is at the top of that list, with a $306,400 average 401 balance. Overall, Fidelity's 401 participants had an average total savings rate of 14.2%, including employee and employer contributions — the closest it has ever been to the firm's recommended savings rate.
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