401(k) Millionaires Surge as Retirement Balances Hit Record Highs
TL;DR Summary
Americans' retirement account balances have reached their highest levels since late 2021, driven by increased savings rates and positive market conditions, according to Fidelity Investments' Q1 2024 Retirement Analysis. Average 401(k) and IRA balances saw significant growth, with Gen X savers surpassing baby boomers in continuous 15-year savings. The market's resilience and potential Federal Reserve rate cuts have contributed to these gains, though future economic challenges remain.
- Retirement account balances hit highest level since 2021 Fox Business
- Gen X workers beat baby boomer savers in 401(k) savings Detroit Free Press
- 401(k) millionaires surged 43% in the past year — here’s how long it took them MarketWatch
- 401(k) millionaires surged 43% in the past year — here's how long it took them to reach $1 million MSN
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