A report from an LT Trustshows that gains in 401k accounts of Delaware employees ran below the national average during 2020.
Click here for the report.
The 401K advisory firm calculated that the average gain for Delaware workers was 23 percent, below the 30 percent national average
The 401K account is used as a substitute for fixed pensions. Typically, the employer matches a portion of the employee’s contribution. The contributions are sheltered from taxes unless the employee withdraws the funds.
After gyrations during the coronavirus crisis, financial markets racked up strong gains in 2020.
LT Trust reviewed the 401K’s of 59,000 American workers across all 50 states during 2020 and found gains in 401Ks were greater than during far better years for the economy.