By Rhonda Miller
PBN Staff Writer
BOSTON – Fidelity Investments said Individual Retirement Accounts balances have reached a five-year high at the end of last year, according to an article by Beth Healy in the Boston Globe on July 16.
The average IRA balance is $81,000, according to the Boston-based Fidelity, the nation’s largest retirement plan manager.
Those 70 years and older ended 2012 with balances of $164,400, an increase of 49 percent since the financial crisis struck in 2008. Those aged 30 to 39 saw the largest percentage of increase, though balances were smaller, with balances more than doubling to an average of $20,700.
The average IRA contribution last year for those aged 20 to 29 was $3,170. Those aged 60 to 69 put $4,710 into their accounts.