You May Be a 401(k) Millionaire Thanks to the Surging Stock Market
By:
Pete Grieve
Pete Grieve
Reporter | Joined May 2024
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Editor:
Brad Tuttle
Brad Tuttle
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Money; Getty Images
Recent stock market gains propelled a significant rise in the number of retirement savers who’ve reached the milestone of a $1 million 401(k) balance.
In the fourth quarter, Fidelity Investments reports seeing a 20% jump in the number of 401(k) millionaires. Compared to the fourth quarter of 2022, the number was up 11.5%.
“Retirement savers ended the year on a positive note with improved market conditions and consistent contributions helping boost average account balances to their highest level in nearly two years,” Fidelity said in a report.
