Banner 2021 for stocks boosts gains for 401(k) savers

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The stock market’s blockbuster gains in 2021 helped pad savers’ retirement accounts, lifting the average balance on some popular investment plans to new highs. The average 401(k) plan balance stood at $130,700 at the end of last year, a 7.6% increase from 2020, according to a review of 20.4 million accounts by Fidelity Investments. The median balance, a better measure of the typical plan size, rose 2.1% to $28,600. The gains come amid a banner year for stocks as consumer demand fueled by easing pandemic lockdowns pumped up corporate profits, keeping investors in a buying mood.