The average retirement account balance has hit an all-time high — up a little more than 20% compared to the same time last year. That’s according to a new analysis from Fidelity Investments, the largest administrator of workplace retirement accounts. Fidelity also saw a jump in the number of millionaires among its clients. On the flip side, millions of Americans are still out of work, taking on more debt and relying on government pandemic assistance.
Savings are up during pandemic. What should people do with the extra cash?
- Michelle Singletary - Washington Post personal finance columnist, author of “What To Do With Your Money When Crisis Hits: A Survival Guide”