Record Number of 401(k) Millionaires in the U.S.

Fidelity reports nearly 500,000 Americans have amassed over $1 million in their 401(k) accounts, yet most still fall short of retirement goals.

The number of 401(k) millionaires increased by 2.5% in Q2 2024, reaching 497,000.
IRA millionaires also saw a rise, with a 6% increase to nearly 399,000 individuals.
Despite these gains, the average 401(k) balance is just over $127,000, far below the needed $1.5 million for comfortable retirement.
Gen Xers have boosted their IRA contributions by 30% over the last year, reflecting growing retirement concerns.
Experts emphasize the importance of consistent, long-term saving to achieve substantial retirement funds.