A record number of people have reached $1 million in their 401(k) retirement accounts, according to Fidelity Investments.
Record-high contribution levels helped propel retirement balances to their highest levels in more than two years, Fidelity Investments said May 23, 2024. A record number of people have reached $1 million in their 401 retirement accounts, according to Fidelity Investments .
Those “401-created millionaires” have been in their plans for an average of 26 years and have an average contribution rate of 17%, the spokesperson said.“That we’re peaking in terms of 401s speaks to the fact that the stock market has been just on fire,” Colorado State University“It is one of the bright sides of the American economy that people have in fact been taking advantage of the 401 system,” he said.Less than half of millennials had a retirement account, as did just 7.
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