T. ROWE PRICE: 401(K) ACCOUNT BALANCES SOARED IN 2023, ESPECIALLY AMONG YOUNGER RETIREMENT SAVERS

April 8, 2024

https://www.prnewswire.com/news-releases/t-rowe-price-401k-account-balances-soared-in-2023-especially-among-younger-retirement-savers-302109812.html

2023 report features the latest trends in 401(k) plan design and participant behavior

BALTIMORE, April 8, 2024 /PRNewswire/ — T. Rowe Price, a global investment management firm and a leader in retirement, today published its annual benchmarking report on 401(k) plan design and participant behavior, and found average account balances increased by 14% to $115,000, aided by strong performance in the financial markets. This is the second highest average the firm has seen in 10 years, just below the $124,000 high in 2021. Gains were especially strong among participants aged 20-29, who experienced an increase of 27%.

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