Americans have finally gotten the message on retirement. Houston economist Michael Parmet says we're setting records for the amount of money we are saving right now.
“Sixty-five percent of 45-to-55 year olds are contributing to retirement now,” Parmet says, “which is one of the highest we've ever seen.”
We have $4.8 trillion in 401K plans and another $7.8 trillion in our IRAs. Parmet says that's a reflection of the current economy.
“With the stock market up and the national unemployment down, people are feeling pretty comfortable right now,” he says, “comfortable enough to save for tomorrow.”
The average 401K plan has a balance of $92,500, an all-time high -- and contributions are increasing.