Record High of 401(k) Millionaires: Fidelity's Q2 2024 Analysis
In an eye-opening report, Fidelity Investments reveals that the number of 401(k) millionaires has skyrocketed, highlighting significant gains in retirement savings. As of Q2 2024, approximately 497,000 accounts held balances exceeding $1 million, a 2.5% increase from 485,000 in Q1. Additionally, individual retirement accounts (IRA) have also seen growth, with 399,000 participants now having $1 million or more.
Key Insights into Retirement Savings
- The average 401(k) balance rose by 13% year-over-year, now at $127,100.
- IRA balances averaged $129,200, up 14% from last year.
- Record contributions and market performance have fueled these increases.
Positive Trend in Retirement Accounts
Sharon Brovelli, president of workplace investing at Fidelity, notes that retirement savers benefited from ongoing market upswings, encouraging individuals to boost their contributions. The combination of rising stock markets and disciplined saving habits continues to create new 401(k) millionaires.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.