Retirement millionaires hit record, Fidelity says

Next-eggs-Retirement-millionaires-hit-record-Fidelity

The increase in the number of 401(k) plan participants with more than $1 million reflects both higher savings rates and the market's rally

  • February 14, 2020

  • By Bloomberg News

The bull market is minting plenty of millionaires — at least when it comes to retirement accounts.

 

Some 233,000 savers held seven-figure 401(k)s as of Dec. 31, up about 17% from the prior quarter. Among IRA holders, 208,000 people made the club, a 14% increase. Investor savings rates have been trending higher in part because employers are automatically increasing their contributions.

Advertisement

Fidelity said the average 401(k) account balance at the end of last year was $112,300, which is also a record high and up 7% from the third-quarter balance of $105,200. The average balance in individual retirement accounts hit a record $115,400, up 5% from the third quarter.

Up Next