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2020 – Good Year For 401Ks

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:

  1. 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
  2. Employees aged 21-30 saw the largest average balance increase, at 77 percent
  3. 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

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