Consumers' IRA contributions have hit record levels—but are the extra funds enough to save for retirement?
Account-holders contributed an average $4,150 during tax year 2013, an all-time high, according to a new report from Fidelity Investments. That tally represents a 5.7 percent increase from 2012. (See chart below for a breakdown of average contributions by age.)
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"Investors are putting their money where their mouth is by committing to save more for retirement," said Kevin Hevert, vice president of Fidelity Investments. Investors have previously told Fidelity that saving more was a key financial goal, he said, and the rise in contributions shows that's more than a New Year's resolution.