Fidelity reports a 9.5% rise in million-dollar 401(k) accounts, highlighting wealth growth for some investors.

Fidelity Investments reported a 9.5% increase in 401(k) accounts with balances over $1 million in the third quarter, totaling 544,000 accounts. The average balance for these accounts rose to $1.616 million. This growth is attributed to market gains and a strong average savings rate of 14.1%. Despite this, the average balance for all participant accounts was $132,300, with a median of $30,600. Fidelity also noted the issue of cashing out small balances and introduced an auto-portability feature to preserve retirement savings.

4 months ago
17 Articles

Further Reading