Fidelity 401(k) Millionaires Jump 19% to Record 769,000 in Q2 as Savings Rate Holds at 9.6%
Updated
Updated · CBS New York · Sep 4
Fidelity 401(k) Millionaires Jump 19% to Record 769,000 in Q2 as Savings Rate Holds at 9.6%
3 articles · Updated · CBS New York · Sep 4
Summary
769,000 Fidelity 401(k) accounts held at least $1 million at the end of Q2, up 19% from the prior quarter and equal to about 3% of its 25.8 million accounts.
A 15% S&P 500 gain in the quarter and a record 9.6% average employee contribution rate lifted balances, showing workers kept saving despite higher gas, grocery and utility costs.
Average balances still sat far below the millionaire mark—$155,800 for 401(k)s, $145,000 for 403(b)s and $144,523 for IRAs—underscoring how uncommon seven-figure retirement accounts remain.
Retirement confidence has not kept pace: NFP found 72% of workers say they are behind on saving, while Fidelity said concerns about inflation, living costs and geopolitical turmoil still weigh on outlooks.
Fidelity said many million-dollar savers are older workers who contributed steadily for decades, arguing the bigger lesson is long-term saving behavior rather than the $1 million milestone itself.