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Fidelity® 2023 Retirement Analysis: Despite Uncertain Market Conditions, Retirement Savers Have Highest Account Balances in Nearly Two Years

Release Date: 27 Feb 2024
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  • Retirement Account Balances Increase from Last Several Quarters
  • 401(k) Millionaires See Double Digit Jump from Q3 2023
  • Majority of 401(k) Savers Secure Full Employer Match

BOSTON, February 27, 2024 – According to the latest retirement data from Fidelity Investments®, even with other ongoing financial struggles, retirement savers ended the year on a positive note with improved market conditions and consistent contributions helping boost average account balances to their highest level in nearly two years. Additionally, more than a third (37%) of workers increased their retirement savings contribution rate in 2023.

“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of Workplace Investing at Fidelity Investments. “When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs, and the lows of the lows, but encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future.”

 As one of the country’s leading workplace benefits providers[1] and America’s No. 1 IRA provider[2], go here to see Fidelity’s latest analysis of savings behaviors and account balances for more than 45 million IRA[3], 401(k)[4], and 403(b)[5] retirement accounts. Additional details and insight on retirement trends and data can be found in Fidelity’s “Building Financial Futures.”

About Fidelity Investments

Fidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $12.6 trillion, including discretionary assets of $4.9 trillion as of December 31, 2023, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 77 years, Fidelity employs more than 74,000 associates across the United States, Ireland, and India. For more information about Fidelity Investments, visit

Investing involves risk including the risk of loss.

Past performance is no guarantee of future results.

Views expressed are of the date indicated, based on the information available at that time, and may change based on market or other conditions. Fidelity does not assume any duty to update any of the information.

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Fidelity Brokerage Services LLC, Member NYSE, SIPC

900 Salem Street, Smithfield, RI 02917

Fidelity Distributors Company LLC,

900 Salem Street, Smithfield, RI 02917

National Financial Services LLC, Member NYSE, SIPC,

245 Summer Street, Boston, MA 02110


© 2024 FMR LLC. All rights reserved

[1] Based on PLANSPONSOR Magazine's “2023 Recordkeeping Survey,” June 2023 and “Plan Administration Guide, Part 1” which offers insight into the provider marketplace for defined benefit (DB), stock plan and health savings account (HSA) administration, May 2018.

[2] Based on Cerulli Associates’ Top-10 IRA Providers by AUA, 2Q 2021–2Q 2023.

[3] Fidelity business analysis of 15 million IRA accounts as of December 31, 2023. Considers only active participants with balance.

[4] Fidelity Investments Q3 2023 401(k) data based on 25,300 corporate defined contribution plans and 22.9 million participants as of September 30, 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.

[5] Fidelity Investments Q2 403(b) data based on 10,165 Tax-exempt plans and 8.3 million plan participants as of September 30, 2023. Considers average balance across all active plans for 6.16 million unique individuals employed in tax-exempt market.

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