Generation X is helping retirement savings reach a new record

According to newly released data from Fidelity Investments, Generation X has increased its efforts to build nest eggs for retirement.

The financial services company reported Thursday in its third-quarter retirement analysis that Generation

People born between 1965 and 1980 were considered Generation X.

Serious mature couple calculating bills to pay, checking household finances, managing middle-aged family, planning budget and expenses, gray-haired man and woman reading bank loan documents at home (Istock / iStock)

More Generation X members also contributed money to their IRA accounts in the third quarter compared to a year ago, according to Fidelity. This jump was 23%.

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The financial services company said in a press release that Generation

According to Fidelity, the generation is $586,100.

“We are pleased that pension savers of the generation “The oldest members of this generation will be retiring in the next five to ten years. This is the perfect time to focus on securing a nest egg that can help them live more comfortably during their retirement years.”

Fidelity noted that overall, people saving for their golden years “enjoyed another quarter of growth thanks to continued high contribution levels and positive market conditions.” The analysis included over 49 million retirement accounts.

Two types of retirement plans – 401(k)s and 403(b)s – achieved their “highest average balances ever” in the third quarter, the financial services company said.

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For 401(k) accounts, balances averaged $132,300 in the third quarter, up 4% from the previous quarter and up 23% from a year ago, Fidelity said.

Some younger Americans are opting for a “micro-retirement” early in their careers rather than saving fully for a permanent retirement later in life. (Getty Images/Getty Images)

Average balances in 403(b) plans saw a similar increase, reaching $119,300.

Meanwhile, the average balance of IRAs in the quarter was $129,200.

According to Fidelity’s retirement analysis, the average overall savings rate remained “stable” in the third quarter. The value was set at 14.1%, which is just below the 15% that the company recommends.

“Consistent retirement contributions throughout different market cycles are important, but despite what is happening in the market, maintaining that commitment over the long term will help prepare Americans for a future of financial health and security,” said Fidelity Investments, president of Workplace Investing in one statement.

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Earlier this year, Northwestern Mutual said Americans believe $1.46 million is the amount of money they need to have to retire “comfortably.”

A person puts money into a savings jar for retirement. (iStock / iStock)

About 57% of working Americans believed they were behind on saving money for retirement, according to a separate Bankrate survey released in late September. On the other hand, 15% said they were “significantly” or “slightly above where they should be.”

Another 22% believed they were “on the right track,” according to Bankrate.