With the economy rebounding, households are saving significantly more so than in previous years. According to a recent Bankrate.com report, nearly 20 percent of working Americans are saving more for retirement now than they were one year ago, and more than half (55 percent) are saving about the same amount that they were saving one year ago.
Just 14 percent of working Americans are saving less for retirement, a vast improvement from 29 percent seen four years ago.
The uptick in savings might be attributed to heightened feelings of job security–despite a slip of optimistic feelings about debt, net worth and overall financial situation, according to the report.
Ten percent of working Americans have not contributed anything to their retirement accounts this year or last year.
"With millions of Americans behind in their retirement savings, it is important not only to save, but to save more each year," says Bankrate.com Chief Financial Analyst Greg McBride. "Even for those saving the maximum, 401k contribution limits increased for 2015, affording the opportunity to put more away for retirement."
Published with permission from RISMedia.