401(k)s did well in first half of the year despite tariffs tumult

The first and second quarters were, um, tumultuous for investors, including for anyone with a 401(k) or other workplace retirement plan.

After dropping like a stone in April following the announcement of the Trump administration’s punitive and highly confusing tariffs regime, stocks eventually staged a comeback to finish the second quarter at record highs .

The average 401(k) balance as of June 30 itself reached a record high of $137,800, up 8.4% from the $127,100 recorded at the end of the first quarter, according to data on roughly 25 million accounts from Fidelity Investments, the largest recordkeeper of workplace retirement plans. And the average balance grew by 4.6% from $131,700 at the end of last year.

How much people saved in the second quarter made a big difference, too. On