Many investors are stockpiling more cash than they need as they grow their retirement savings, according to new research from Cerulli.

U.S. investors are holding about $3.4 trillion in cash, or cash equivalents, in banks. Cerulli's analysis says that averages out to about 10.8 percent of all household assets. 

"It is standard recommendation, although not always followed, for households to keep at least six months' worth of expenses in a savings account for emergencies," explained Scott Smith, director at Cerulli. 

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.