The number of 401(k) accounts with assets of more than $1 million hit an all-time high in the second quarter of 2024. analysis Fidelity Investments.
There were about 497,000 so-called 401(k) “millionaires” last quarter, up 2.5 percent from 485,000 in the first quarter, according to a Fidelity analysis of 24 million 401(k) accounts across 26,000 employer-sponsored plans.
The number of participants in individual retirement accounts (IRAs) with balances of $1 million or more also hit a record high last quarter, up 6% from the first quarter to about 399,000.
The average retirement saver's account balance increased last year.
Average retirement account balances increased for the third consecutive quarter, with average 401(k) and IRA balances up 1 percent to $127,100 and $129,200, respectively.
The average balance in 401(k) accounts increased 13 percent year over year, while the average balance in IRA accounts increased 14 percent.
“Retirement savers in the second quarter of 2024 benefited from the continued upturn in the previous quarter, when contributions and average account balances reached record highs,” said Sharon Broberg, president of workplace investing at Fidelity Investments.
