401K balances Grew in 2020 despite COVID Pandemic Pressures

the staff of the Ridgewood blog

Ridgewood NJ, There is no doubt in people’s minds that COVID-19 caused economic uncertainty.  It strained many Americans financially, but it also provided an opportunity for many to increase their 401k balances.

According to a report from LT Trust detailing the impact of COVID-19 on retirement savings, the average 401K balance increased by 30.8 percent nationally during 2020, and the average employee contribution increased by 6.12 percent. New Jersey saw in increase of  29.3% .

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

In the meantime, take a look at the 401k account percentage increase by state and see the full report below.

*** 2021 LT TRUST DATA REPORT ***

>> AMERICA’S 401(k) BALANCE PERCENTAGE INCREASE BY STATE

1. Utah: 47.6%
2. Hawaii: 41.2%
3. Connecticut: 39.0%
4. Indiana: 38.4%
5. Maine: 38.4%
6. California: $37.5%
7. Arizona: 35.7%
8. New Hampshire: 34.5%
9. New York: 33.7%
10. Colorado: 33.6%
11. Virginia: 33.0%
12. Mississippi: 32.6%
13. Idaho: 32.5%
14. Illinois: 31.9%
15. Georgia: 31.5%
16. West Virginia: 31.4%
17. Michigan: 31.2%
18. Oregon: 31.1%
19. Washington: 31.0%
20. Iowa: 30.8%
21. Missouri: 29.9%
22. Kansas: 29.3%
23. New Jersey: 29.3%
24. Pennsylvania: 29.2%
25. Nevada: 29.1%
26. Alabama: 28.7%
27. Massachusetts: 28.6%
28. Rhode Island: 28.3%
29. Maryland: 27.8%
30. Florida: 27.7%
31. Texas: 27.1%
32. New Mexico: 26.5%
33. Oklahoma: 26.3%
34. Wisconsin: 25.6%
35. Tennessee: 25.2%
36. Nebraska: 24.0%
37. Delaware: 23.5%
38. Wyoming: 23.5%
39. Kentucky: 23.2%
40. Ohio: 23.0%
41. North Carolina: 22.7%
42. Minnesota: 22.4%
43. South Dakota: 21.7%
44. Louisiana: 21.4%
45. Montana: 21.0%
46. Arkansas: 19.3%
47. Vermont: 17.7%
48. South Carolina: 17.5%
49. Alaska: 13.7%
50. North Dakota: 11.5%

For the full report, visit:

>> https://www.lttrust.com/blog/covid-19-impact-retirement-savings