Record Surge in 401(k) Millionaires Reaches New High

A record 485,000 401(k) participants now have balances over $1 million, a 15% increase from the end of 2023, according to Fidelity Investments. The average balance for these "millionaires" is $1.58 million, with long-term saving and high contribution rates being key factors. Overall, 401(k) balances have risen, with the average balance reaching $125,900, driven by record-high contributions and positive market conditions. However, retirement readiness remains a concern for many U.S. workers, especially those without access to workplace savings plans.