Retirement Saving Rates Hit Record High, Fidelity Finds
Retirement savings rates hit record highs, finds a Fidelity study. According to their findings, the average account balance at the end of Q1, rose to $299,600 -- a 9 percent increase over average balance from the same time last year.
401(k) savings rates continue to rise, reaching a record high of 13.2 percent at the end of Q1, up 13 percent from the previous quarter. When it comes to IRAs, the average contribution rate in Q1 2018 went up 3 percent over the same time last year.
Fidelity officials say retirement savers stayed on track despite some market volatility at the beginning of 2018 and there are more workers contributing to both their IRA and workplace savings plan.