Americans are socking away a record percentage of their income in retirement accounts, according to a new analysis from Fidelity Investments.
💰The total 401(k) savings rate — when including employer contributions — hit an all-time high of 14.3% of gross incomes in the first quarter, Fidelity reports.
The big picture: Investment advisers say the ideal percentage is 15% — so we're almost there.
🤖 Between the lines: Automatic enrollment and automatic increases are a big reason for the higher rate.
35% of employerplans were defaulting automatic-enrolled workers at a 5% contribution rate or higher in Q1, while more than 1 in 4 offered automatic escalation, Fidelity notes.
👶 👵 The savings rate increased for workers in every generation.
