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The average 401(k) balance rose 17% last year to 2,300 from the end of 2018, according to a review of 17.3 million accounts by Fidelity Investments. The average individual retirement account, or IRA, balance rose the same percentage to 5,400.Surging markets around the world were a big reason for the growth: The S&P 500 index had one of its best years in decades with a 31.5% return. Investments of all types logged gains, from junk bonds to stocks from developing economies.But workers’ better savings habits also played a big role.Fidelity said the average worker set aside 8.9% of their pay in their 401(k) in the fourth quarter, a record. Combined with employer matches, the average total savings rate was 13.5% in the quarter, tying its record last reached in the spring of 2019.“Nobody can control the market, so the behaviors of people contributing to their 401(k)s are what get us the most excited,” said Katie Taylor, vice president of thought leadership at Fidelity. “We have people saving 13.5%, which is really close to the 15% that we recommend. That’s a great story.”In many cases, workers may not even realize they’re saving more. Most employers give the option for workers to automatically increase their contributions each year, without having to do anything. Some employers even automatically sign up their employees for these auto-escalation programs, requiring them to opt out if they don’t want their contribution levels to steadily rise.Such features are on top of programs where employers automatically enroll new hires in the 401(k) plan. They all lean on the power of inertia to help workers build up bigger nest eggs. It’s a sharp turnaround from earlier years when workers had to take an extra step to join the 401(k) plan and fill out paperwork whenever they wanted their contribution levels to change.“There’s always a way, if you don’t want to do it, where you can unenroll, but these automatic programs have been a game changer,” Taylor said.Consistent contributions — and giving them time to grow — are keys to building bigger portfolios. Among workers who have been in their 401(k) plan for 10 straight years, the average balance rose to a record 8,200, according to Fidelity.Such figures, though, count only people who have a 401(k). Many lower-income workers, particularly at smaller employers, could not save in a 401(k) even if they wanted to because their companies don’t offer access to one. Legislation passed late last year aims to make it easier for smaller employers to band together and offer plans.Nearly half of all U.S. households aged 55 and over, 48%, had no retirement savings at all as of 2016, according to estimates from the Government Accountability Office. 2737
The electric scooter craze comes with a lot of mixed reaction across the U.S. While some cities are welcoming them, other cities, like the city of Nashville, are considering banning them.At least one person in Nashville 232

The Iowa Democratic Party on Thursday released updated results of the Iowa caucuses after the completion of a recount requested by the campaigns of Bernie Sanders and Pete Buttigieg.In the new results, Buttigieg has 562.954 state delegate equivalents and Sanders has 562.021 state delegate equivalents out of 2,151 counted. That is a margin of 0.04 percentage points. The Associated Press has reviewed the updated results and 438
The first case of Wuhan coronavirus has been confirmed in the United States, the CDC said Tuesday.According to the CDC, the patient had returned from a visit to the Wuhan province of China on Jan. 15. The virus, which causes respiratory illnesses, including pneumonia, has now infected 300 people around the world and killed six people in five countries. Most of those cases occurred in Hubei province of China and other eastern Asian countries.Initially, scientists believed that the virus only spread from animals — including camels, cats and bats — to people. On Tuesday, the CDC said there's now a "growing consensus" that there is "limited" person-to-person contraction of the virus.The CDC began screening for the virus at international airports in San Francisco, New York and LAX last week. The CDC will begin testing for the virus at airports in Atlanta and Chicago this week.Correction: An earlier version of this story mentioned the sickened person had died. A person has only been infected with the disease and is still alive. 1049
The National Hurricane Center said on Tuesday that it plans on sending a US Air Force reconnaissance aircraft on Wednesday as a storm system spins in the northern Gulf of Mexico. The National Hurricane Center said on Tuesday that the storm has a 70 percent chance of becoming a tropical depression or tropical storm by Thursday, and an 80 percent chance of becoming a depression or storm by the weekend. The center of the storm was located just off the Florida Gulf Coast. Regardless of the disturbance's status, it is still likely to bring heavy rain from the upper Texas coast to the Florida panhandle. The National Hurricane Center warns that the northern Gulf of Mexico has favorable conditions to form a tropical system. The next tropical storm in the Atlantic basin will be named Barry. The unnamed system is spinning in the same general area where Hurricane Michael gained strength last October. Hurricane Michael became a Category 5 hurricane just two days after becoming a hurricane. Hurricane Michael struck Florida, with the center coming on shore 20 miles east of Panama City. 1101
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