Reported about 1 month ago
The number of 401(k) millionaires has reached a record high, with nearly 500,000 accounts holding at least $1 million as of June 30, 2024, according to Fidelity Investments. Although the average balance across all participants is $127,100, many individuals fall short of adequate retirement savings. While Gen Xers who have saved for at least 15 years have a higher average of $554,000, the overall average for the age group is much lower at $182,100, raising concerns about their financial security in retirement.
Source: YAHOO