Savings & Retirement
Number of 401(k) Millionaires Hits New Record, Fidelity Says
A strong stock market has helped boost the amount of seven-figure retirement accounts.
The universe of 401(k) accounts with balances of $1 million or more at Fidelity Investments rose to a record 485,000 in the first quarter, according to the company.
With stocks surging, the number of retirement account millionaires jumped 15% from the prior quarter and 43% since March 2023. Average retirement account balances, meanwhile, hit their highest level since the end of 2021, rising to $125,900 for 401(k)s and $127,745 for IRAs.