Average contributions to individual retirement accounts at Fidelity reached an all-time high of more than $4,000, according to the company's second annual analysis of more than 7 million IRAs.
For tax year 2013, the average contribution was $4,150 – a 5.7 percent increase from tax year 2012 and the highest it's ever been. Average balances gained almost 10 percent year over year for the same period, to total $89,100.
"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," said Ken Hevert, vice president, Fidelity Investments, in a statement,
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