The average savings rate in 401(k) plans rose to a record high 14.3% of income in the first three months of this year, according to a Fidelity Investments analysis. That is just a shade below the 15% annual savings rate financial advisers often recommend over a four-decade career.
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Americans are finally saving almost what they’re supposed to for retirement
Still, not all workers have access to or are participating in 401(k)-type plans. About 40% of U.S. households are now at risk of being unable to maintain their standard of living in retirement, according to Boston College’s Center for Retirement Research.
