Reported 5 months ago
The article from TheStreet reports that there is a record number of Americans who are 401(k) millionaires, with 485,000 people having an account balance of $1 million or more, a 43% increase from the previous year. Fidelity attributes this milestone to high contribution levels and bullish market conditions, with the average account holder saving for 26 years and contributing 17% of their income. The average balance for 401(k) millionaires is $1.58 million, and the overall savings rate for all contributors, including employer matches, is at a record 14.2%.
Source: YAHOO