"Stock Market Rally Propels 401(k) Savers to Millionaire Status"
The stock market's resilience in the first half of 2023 has contributed to gains for 401(k) savers, with the average balance increasing by 4% from the first quarter and 8.3% from the second quarter of last year, according to Fidelity Investments. The average balance for individual retirement accounts (IRAs) also rose by 5% from the first quarter. The strong performance of the stock market, along with a savings rate of 13.9%, has helped boost retirement account balances.