Reported 5 months ago
The number of 401(k) millionaires increased by 43% in the past year, with the first quarter seeing 485,000 new millionaires, a 15% increase from the previous quarter, according to Fidelity Investments. These millionaires took an average of 26 years to reach $1 million, with an average contribution rate of 17%. The average 401(k) account balance in the first quarter was $125,900, up 16% from the year before, and the median balance was $28,900. Additionally, the average IRA balance was $127,745, up 13% from the previous year. Despite the growth in account balances, Americans still feel they need $1.46 million to retire comfortably.
Source: YAHOO