"Surge in 401(k) Millionaires Amid Stock Market Growth"

Fidelity's data shows that more than a third of U.S. workers increased their retirement savings contribution rate by the end of 2023, leading to a growth of over 11% in the number of accounts hitting millionaire status. Despite this positive trend, a recent study found that many retirees lack a plan if their savings run out, and experts recommend having saved at least 10 times one's annual salary by age 67 for a comfortable retirement. Fidelity advises a combined savings rate of 15% and emphasizes the importance of individualized financial planning for retirement.