Seriously. You're Saving More?!?! Look at Your 401K

401Ks Are On The Rise

CBS -- What?!?! Are you saving more for retirement?
Seriously. It's not a figment of our imagination.

Retirement savings accounts have reached an all-time high for many Americans. Fidelity investments looked at the average balance for 401k accounts and it's around $97,000.  That's nearly a 10% increase from the $89,000 last year.
The survey also shows the average IRA rose to $100,000 this year compared to roughly $90,000 in 2016.

So, why is this happening? 2WTK asked Certified Financial Planner Matt Logan.
He says part of the reason is the growth in the stock market this year allowed your money to grow at a faster rate.

And people are putting in more money. For example, Fidelity customers are putting in 38% more this year than last year.

Copyright 2017 WFMY


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