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Record Surge in 401(k) Millionaires Reaches New High

1 min read
Source: CNN
Record Surge in 401(k) Millionaires Reaches New High
Photo: CNN
TL;DR

A record 485,000 401(k) participants now have balances over $1 million, a 15% increase from the end of 2023, according to Fidelity Investments. The average balance for these "millionaires" is $1.58 million, with long-term saving and high contribution rates being key factors. Overall, 401(k) balances have risen, with the average balance reaching $125,900, driven by record-high contributions and positive market conditions. However, retirement readiness remains a concern for many U.S. workers, especially those without access to workplace savings plans.

Topics:businessfinance#401k#fidelity-investments#finance#financial-planning#market-returns#retirement-savings
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  1. Record number of 401(k) savers have balances over $1 million  CNN
  2. 401(k) millionaires surged 43% in the past year — here's how long it took them to reach $1 million  Yahoo Finance
  3. Number of 401(k) Millionaires Hits New Record, Fidelity Says  Bloomberg
  4. Gen X workers beat baby boomer savers in 401(k) savings  Detroit Free Press
  5. There are more 401(k) millionaires than ever  TheStreet

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