Many Americans are using more than just their workplace retirement plans to save for their golden years, making their retirement preparedness  less dire than often predicted, according to an analysis by Fidelity Investments. The analysis found that nearly 1 million investors use both a workplace savings plan and an IRA account, with an average balance of $225,600 at the end of 2012. This was nearly three times higher than the average 401(k) account administered through Fidelity.

Not surprisingly, the average balances increased as investors grew older, reaching $397,400 for those between the ages of 65 and 69. Annual contributions also increased with age. The average combined annual contribution for all investors was $11,150 with contribution levels peaking at $13,100 for investors in their 50s.

“By maximizing the long-term, tax-advantaged growth potential of both workplace savings plans and IRAS, investors can create a personalized plan to help them achieve better outcomes in retirement,” James MacDonald, president of Workplace Investment at Fidelity, said in a statement.

The analysis was based on 999,000 individuals who had both an IRA and 401(k) or 403(b) balances at Fidelity as of Dec. 31, 2012.

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