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Do you want the good news first about the state of your retirement savings? Or the bad news? The good news, according to a Fidelity Investments analysis of the third quarter of 2018, is that average retirement account balances have reached record highs. As of Sept. 30, those balances are: $106,500 for 401(k) plans, up 2.4 percent from Q2.

$111,000 for individual retirement accounts, up 3.8 percent from Q2.

$85,500 for 403(b) plans, up 2.5 percent from Q2. Those averages are nearly double from where savers were a decade ago, at the start of the financial crisis. The average employee contribution reached its highest level since late 2006, at 8.7 percent, and average rates among women hit a record of 8.5 percent. "Now, more than ever, we're seeing increases in engagement when it comes to saving and investing for retirement," said Meghan Murphy, a vice president with Fidelity Investments.

The bad news is that investors may find their retirement current balances look somewhat less record-setting after recent volatility. The stock market lost nearly $2 trillion in value during October, according to S&P Dow Jones Indices analyst Howard Silverblatt.

Nor do high average balances necessarily mean the typical investor is on track to a comfortable retirement. A recent report from the Stanford Center on Longevity found that median savings rates (including any employer contributions) are well short of what people should be socking away. (See charts below.)

In other words, don't be complacent about those records. Even when the news is, broadly, that savers are doing well, take the time to check your plan and make sure you're on track, said certified financial planner Douglas Boneparth, president of Bone Fide Wealth in New York. "I would feel terrible if someone thought they were doing well because everyone is doing well," he said. "The worst thing you could do is to be under the impression you're doing well when you have no idea how you're doing." Fidelity's analysis does point to a few trends that indicate consumers may be making strides toward success in their retirement accounts. For one, more employees are using target-date funds in their portfolios, with 50.4 percent of 401(k) savers putting all their assets in one. Target-date funds invest in a diversified mix of underlying stock and bond funds, with the allocation becoming gradually more conservative as your retirement approaches — although they can still take a beating in a down market.