Number of 401(k) Millionaires Surges

Number of 401(k) Millionaires Surges

(Newser) – Good news for many who are saving for retirement: During the second quarter, 168,000 people with 401(k)s managed by Fidelity Investments were millionaires, having at least $1 million in their accounts, per a press release. That’s a record high, USA Today reports. It’s also up 41% from last year’s number of 119,000, CNBC reports. “The stock market’s performance over the past several years has definitely helped retirement savers, but now would be a good time for investors to take a moment and make sure they are doing their part to meet their retirement goals,” says a Fidelity exec in a statement. Fidelity is one of the US’ largest administrators of workplace retirement accounts.

The average 401(k) contribution rate, not counting employer match, is 8.6%, a nearly 10-year high; the average 401(k) balance is $104,000, just below 2017’s all-time high of $104,300. As for individual retirement accounts, there are another 155,849 IRA millionaires whose accounts are managed by Fidelity; the average IRA balance is $106,900, an almost 7% increase from a year ago. Fidelity notes the number of 18-to-34-year-olds contributing to an individual retirement account has increased 19% compared to a year ago.

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