BofA report finds 401(k) account balances increased by 15% in 2023, Health Savings Account balances increased by 11%

Bank of America Retirement and Personal Wealth Solutions, in partnership with Bank of America Institute, released its fourth quarter 2023 Participant Pulse, which found that average 401(k) account balances rose 15% to $86,280 in 2023, increasing from $75,045 at the end of 2022, due to a combination of participants contributing higher amounts to their plans, and increases in the value of investments.