Retirement savers are witnessing sustainable growth, particularly among Gen X, who have significantly increased their IRA contributions, ensuring brighter prospects for retirement.
The report reveals that Gen X has made remarkable progress, with a 30% increase in total IRA contributions, marking their highest level in five years.
Average 401(k) balances increased by 13% for women and 12.5% for men, reflecting a positive trend in retirement savings across genders.
Fidelity’s findings show that Millennials and Gen Z prefer target date funds for their savings, contrasting with Boomers who have lower loan rates outstanding.
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