Retirement accounts hold record balances

Fidelity says the stock market helped lift retirement balances to a record high. NEW YORK (CNNMoney) The recent stock run-up is doing wonders for retirement savings.

The average balance in a Fidelity Individual Retirement Account (IRA) rose 15% on an annual basis in the second quarter to $92,600 -- an all-time high.

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In the same period, the average balance in a Fidelity 401(k) account also set a record, up nearly 13% annually to $91,000.

The mutual fund giant credited 77% of the gains to a surging stock market, and 23% to employee and employer contributions.

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Fidelity said the balance for employees who have been in a workplace 401(k) for 10 years rose 15% a year over the past decade to $246,200.

But even that balance is probably not enough to retire on. Fidelity recommends saving eight times your yearly salary.

Even more sobering, a 2013 study by the Employee Benefit Research Institute found that nearly half of all workers had less than $10,000 saved.