Number of 401(k) Millionaires Surges

Fidelity announces 168K of its clients have at least $1 million in their 401(k) accounts
By Evann Gastaldo,  Newser Staff
Posted Aug 16, 2018 12:02 PM CDT
Number of 401(k) Millionaires Surges
   (Getty Images / artisteer)

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. (Read more retirement savings stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.