In his State of the Union address, President Donald Trump said “your 401(k)s are way up” — and they are, but hardship withdrawals are also up, new data shows.
“Since I took office, the typical 401(k) balance is up by at least $30,000,” Trump said in the annual speech before Congress last month.
The average 401(k) balance rose by $14,700 to $146,400 over the course of 2025, ending the year up 11% from a year earlier, according to new data released Wednesday from Fidelity Investments, the nation’s largest provider of 401(k) savings plans.
The average individual retirement account balance also gained $9,561 to $137,095 in 2025, Fidelity found — a 7% increase year over year.
Retirement account balance averages increased by 13%, driven primarily by market gains, a separate report by Vanguard Group found.
