08.18.23

Stock Market Rebound Put More Workers Into 401(k) Millionaires Club

by: Michelle Singetary

The number of 401(k) millionaires rose 10% in the second quarter compared to the first, with 52% of the millionaires being baby boomers and 46% being Gen X, according to Fidelity Investments. The report also showed that retirement account balances rose for all generations across the board. The number of employees with 401(k) balances over $1 million increased 26% in the second quarter, to 378,000, compared with 299,000 at the end of 2022. The average 401(k) balance for these investors was $1.5 million. The news was good for non-millionaire investors as well: Average retirement account balances climbed for the third straight quarter. Fidelity provides a quarterly analysis of more than 45 million individual, 401(k) and 403(b) retirement accounts.

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