Average balances for Fidelity IRAs reached a five-year high of $81,100 for tax year 2012, Fidelity Investments announced Tuesday.
The average balance increased 53 percent over the 2008 low of $52,900.
Each age group from 20 year olds to those more than 70 years old saw increases in their average balance from the low point of the financial crisis in 2008, Fidelity says. The largest percentage increase was registered by those 30 through 39 years of age, who saw their average balances jump 105 percent from $10,100 in 2008 to $20,700 in tax year 2012.
Investors age 60 through 69 saw a 70 percent increase in their average balance, from $75,000 in 2008 to $127,800 last year.
Total contributions to Fidelity IRAs increased 7.5 percent from tax year 2008 to tax year 2012. Fidelity has nearly 7 million IRA accounts.
Average contribution levels remained steady last year at $3,920 compared to $3,930 the year before. Investors age 60 through 69 contributed the highest level on average at $4,710, Fidelity says.
Fidelity conducted 101,000 Roth IRA conversions in 2012, a 12 percent increase over the previous year. December saw the biggest surge with a 52 percent increase over December 2011.
“The five-year high balances tell us that investors remain committed to leveraging every option available to reach their retirement goals,” says Ken Hevert, vice president of Fidelity Investments. “Age appropriate asset allocation strategies, market appreciation, and annual contributions all played a part in driving balances higher.”