Record Number of 401(k) Millionaires Despite Financial Challenges

Fidelity reports a surge in retirement account balances, but many Americans still struggle with savings and economic pressures.

Fidelity data shows 497,000 401(k) millionaires, a 2.5% increase from the previous quarter.
IRA millionaires also reached a record high of 398,594, up nearly 6%.
Average 401(k) balance rose to $127,100; IRA balances increased to $129,200.
Despite market gains, many Americans worry about outliving their retirement savings.
Economic pressures like inflation and high household debt continue to impact savings rates.