We have read study after study that American’s personal saving rate is at an all-time low. This has raised concerns from policymakers and economists about Americans' ability to handle even the smallest financial emergency.

It’s also no secret that saving for retirement is often one of the biggest financial goals for Americans, but many people struggle to put away money for those golden years.

Well, now it’s time for some positive news.

Retirement 401(k) plan account balances bounced back in 2023 to the highest level in nearly two years, according to a recent report from Fidelity.

So, despite persistent inflation, overall, more than one third of individuals increased their retirement savings contribution rate.

The average 401(k) plan balance ended 2023 up 14% from a year earlier to $118,600. What’s more, the average individual retirement account balance gained 12% year over year to $116,600 in the fourth quarter of 2023.

“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of workplace investing at Fidelity Investments.

So, I would say job well done folks. Everyone deserves a collective pat on the back because positive savings behaviors were key to realizing better outcomes, Fidelity reports.

“These are the poster children of staying the course and taking a long-term approach,” said Mike Shamrell, Fidelity’s vice president of thought leadership.

To be sure, saving is an important habit to get into and to maintain. The goal, of course, is to keep doing it and making it a part of your everyday life.

The key to saving is discipline. Everyone should focus on saving consistently and finding ways to adjust their saving plan regarding their own financial status at that time.

For more advice to help you make smart money decisions, check out CNBC's Financial Advisor Hub and Personal Finance section.