Tuesday, May 3, 2016

We Love to Save

Retirement savers are upping their game: A record 13.6 percent of 401(k) participants raised their savings rate during the first quarter this year, according to Fidelity Investments. That's a record number of people increasing their retirement savings rate. Employee contributions, combined with employer matching funds and profit sharing, rose 12.7 percent - another record.

Not only are savings rates up, but more people are saving in both a 401(k) and an Individual Retirement Account. Fidelity's universe of double savers is up 7 percent from a year ago, to 1.3 million people, with an average contribution of $11,600, up $300.

That's not the only sign of an increase in saving. A recent Gallup poll found that two out of three Americans would rather save than spend. The gap between the two camps is at its widest since 2001, the first time Gallup asked that question.

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