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The number of people who can claim the coveted “retirement-account millionaire” title is surging once again.
This elite group of retirement savers have individual retirement accounts (IRAs), 401(k)s or 403(b)s with balances of at least $1 million per account. According to data from the investment firm Fidelity, the number of retirement millionaires has jumped about 25% so far this year.
“Average retirement account balances increased for the third straight quarter,” the firm said in an analysis of its 45 million retirement accounts that was released Thursday — pushing the number of 401(k) millionaires to 378,000 and IRA millionaires to 350,000.
Overall, IRA balances gained 5% compared to the previous quarter, and 401(k) balances rose 4% over the same period, Fidelity said.