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Americans often choose between saving in an individual retirement account or a workplace 401(k) plan, even though most are able to contribute to both.

Individuals who contribute to both a 401(k) and IRA save much more for retirement overall, according to a new Fidelity Investments report. Yet, just 14 percent of households contributed to an IRA in 2010. In 2012, just 74 percent of workers were offered a workplace retirement plan, such as a 401(k).

Americans have saved an average of either $5,750 annually in a 401(k) account, or $4,150 in an IRA. This is well below the maximum limits — workers under age 50 could defer up to $16,500 of their pay to a 401(k) and contribute $5,000 to an IRA in 2011.

Those who have both an IRA and a 401(k) have saved on average $212,600, while those with only a 401(k) have saved $69,100, according to Fidelity.