Millennials are racking up retirement savings in Roth IRAs

Source: Michelle Singletary, Washington Post (Paid Registration)

Millennials are overwhelmingly putting their money into Roth IRAs, according to Fidelity. A Roth account is funded with after-tax dollars, making future withdrawals tax-free.

The average balance for millennials is $32,700, up from $24,200 a year ago. Going back to Q4 2009, the average balance for millennials was $7,300.

Many companies (35 percent) are automatically enrolling new employees in workplace plans.

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