2020 – Good Year For 401Ks
February 25, 2021 4:31AM CST
A statement showing 401K plan matching and total contribution balances
(KFOR NEWS February 25, 2021) A new report released by LT Trust detailing the impact of COVID-19 on retirement savings, the average 401K balance increased by nearly 31% nationally during 2020, and the average employee contribution increased by just over 6%. In Nebraska, average 401K balances for 2020 was $63,840, an increase of 24% from 2019 (when the average 401k balance was $51,489).
Other key findings from the report include:
- Utah residents top the list with a 47.6 percent increase in their 401k balance, while North Dakota residents rank 50th at 11.5 percent
- Employees aged 21-30 saw the largest average balance increase, at 77 percent
- Despite growth across the board, the 401K contributions of males increased 3 percent more than their female counterparts
READ MORE: Nearly 2,700 Lancaster County Residents Vaccinated Wednesday
