The average Fidelity 401(k) balance is $80,600, according to a report released by the company yesterday. Fidelity represents around 12.4 million workers across the U.S. While this is just an average and the company did not go into detail on the demographic breakdown of their study, $80,600 at age 65 is really only a fraction of the savings one needs to comfortably retire.
Online brokers continue to test new technologies and tools designed to appeal to the Millennial generation. TD Ameritrade recently found that just 11% of Millennials viewed the stock market as the best way to save for retirement, even though historically stocks have consistently proven to be one of the better asset classes for wealth generation. Four out of 10 Millennials believed a savings account was the best option for retirement planning. To reach this disillusioned demographic, brokers are increasingly adding social networking tools and attempting new forms of educational outreach.
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