Study: Fidelity 401(k)s Growing, But More Cashing Them Out

(Boston, MA) -- People are putting more money in their Fidelity 401(k)s, but at the same time the number of people who are cashing them out has grown. A report from Fidelity Investments shows that the average 401(k) balance ended the fourth quarter at a record high of over 89-thousand dollars. That's up over 15-percent from last year. But the report also shows that more than a third of all plan participants cashed out their balances after leaving their jobs in 2013. Fidelity says the average cash out value was nearly 16-thousand dollars.