401(k) Millionaires Surge by 9.5% in Third Quarter

Fidelity reports record growth in retirement savings, driven by stock market gains and consistent contributions.

The number of 401(k) accounts with balances exceeding $1 million grew to 544,000 in Q3 2024, up 9.5% from the previous quarter, according to Fidelity data.
IRA millionaires also increased by 5%, reaching 418,000 accounts, as retirement savers benefited from a strong stock market and disciplined saving habits.
Gen X saw notable gains, with their average 401(k) balance rising 6% to $586,100, and a 35% increase in IRA contributions over the past year.
The average 401(k) balance reached $132,300, a 23% year-over-year increase, while the average IRA balance rose 18% to $129,200.
Fidelity highlighted challenges for some savers, including the prevalence of 401(k) cash-outs during job changes, which can undermine long-term retirement growth.