Americans are saving more for retirement, but it may not be enough

The good news: Americans are saving more than they ever have for retirement.

The bad news: They’ll probably need to save even more.

Employees contributed an average of $2,370 per account to their 401(k) plans in the first quarter of 2019, a record level and 15% more than one year prior, according to Fidelity Investments, the Boston-based financial services firm that also manages retirement accounts. Employers also hit a record high with their own contributions to employee plans, partly from company matches and profit sharing plans, at an average of $1,780.

The average employee contribution rate was 8.7% in the first quarter, and the average employer contribution rate was 4.7% during the same time.

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