Fidelity Investments Vice President of Workplace Thought Leadership Mike Shamrell joins Wealth! to discuss retirement trends throughout 2024.

There was "a lot of really good news," Shamrell emphasizes, pointing to two top trends. First, retirement account balances have surged, increasing for the fourth consecutive quarter and reaching a milestone average of $132,000. Additionally, savings rates remain robust, with both employee contributions and employer matches "holding steady."

However, Shamrell highlights a concerning trend: an increase in employees cashing out retirement savings during job transitions. Surprisingly, Shamrell notes this isn't driven by financial hardship but by confusion and fear. Many workers are intimidated by the rollover process, worried about potential penalties or making costly mistakes.

To address this challenge, Fidelity has introduced an innovative solution — an automatic rollover program designed to transfer retirement savings between employers, helping workers "keep their retirement savings on track" without the stress of navigating complex financial procedures.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Angel Smith