Americans' Retirement Saving Trends Throughout 2024: Fidelity

Throughout 2024, Americans' retirement saving trends have shown resilience and growth, driven by consistent employee and employer contributions. Fidelity's latest analysis of 45 million retirement accounts reveals a steady average 401(k) savings rate of 14.1%, close to Fidelity's suggested 15% savings rate. This stability is underpinned by strong long-term balances and a surge in 401(k) and IRA-created millionaires.



The average balance for 5-, 10-, and 15-year continuous savers increased, with Gen X4 savers seeing a 7% increase in their account balances. Despite market fluctuations, 78% of 401(k) savers contributed at a rate high enough to secure the full matching contribution offered by their employer. This demonstrates a growing awareness of the importance of retirement savings among Americans.

However, market downturns led to a 20% decrease in 401(k) millionaires in Q3, followed by a 20% increase in Q4. This highlights the impact of market conditions on retirement savings balances. Despite these fluctuations, the overall trend shows a consistent and growing commitment to retirement savings.

The number of 401(k) millionaires increased by 9.5% in 2024, while IRA-created millionaires surged by 5%. This growth is buoyed by market gains and demonstrates the value of consistent contributions and long-term planning.



In conclusion, Americans' retirement saving trends throughout 2024 have shown resilience and growth, driven by consistent employee and employer contributions. Despite market fluctuations, the overall trend shows a growing commitment to retirement savings. As we look ahead, it is essential for individuals to maintain a balanced portfolio, combining growth and value stocks, and to avoid hastily selling best-of-breed companies during market downturns. By doing so, Americans can continue to build and preserve their retirement savings.