The latest Fidelity analysis shows that the number of 401(k) millionaires has reached a new high of 497,000, a rise of 12,000 in just one quarter.
The average 401(k) balance has increased to $127,100 from $112,400, highlighting consistent growth in retirement savings following market fluctuations.
Fidelity emphasizes that starting early and making consistent contributions is fundamental to building wealth in retirement, which results in significantly higher average balances.
The report indicates that individuals with the same employer for 15 years have average 401(k) balances of $531,200, pointing to the benefits of long-term retirement plan commitment.
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