5 Ways to Hike Your IRA Contributions
NEW YORK (TheStreet) -- Investments in individual retirement accounts are at an all-time high, Fidelity Investments reports. That number is up to $4,150, a 5.7% uptick from 2012, and average IRA balances are up as a result to $89,100, up 10% over the same period.
Fidelity's theory is that Americans are doing a good job this year of keeping their New Year's financial resolutions.
"Saving more, paying off debt and spending less were the top three New Year financial resolutions cited in a recent Fidelity study, and our IRA analysis indicates that Americans are taking those financial resolutions seriously," says Ken Hevert, a vice president at Fidelity Investments. "The fact that IRA contributions are up across all age groups is a positive indication that many people are indeed committed to saving for retirement by putting at least a portion of what they earn into tax-advantaged vehicles such as an IRA."
IRA contributions are up across all age groups, with the 50-and-over demographic saving the most. The 70-and-over group saved $4,960 last year, while the 60-69 age group saved $4,990.Here's the Only Way You Should Borrow From Your 401(k) Young Americans Prefer Bank Investments, Not Stock Market Debt Is Dragging Down the American Dream
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