At what age do people get serious about regularly socking away something for their later years? It turns out, all ages “Even young people are saving more for retirement by making bigger contributions than ever to Individual Retirement Accounts (IRAs),” writes Kaitlyn Krasselt in a usatoday.com piece, citing a Fidelity Investments study.
“Average IRA contributions for tax year 2013 increased 5.7% over the previous year and reached $4,150, an all-time high. Average balances are up almost 10% over last year to $89,100.
“Overall, average IRA contributions for investors in their 20s, 30s and 40s are up 3.9%, 6.7% and 6.2%, respectively.
“To come to these conclusions, Fidelity analyzed the responses of 2,027 adults 18 and older who participated in a national survey in November.”