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401(k) 'Millionaires' Surge in 2023
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Fidelity Investments witnessed a 41% surge in 401(k) 'millionaires' in 2023, with the average balance hitting $118,600. Gen Xers who saved consistently for 15 years saw balances exceed $500,000. The number of accounts with over $1 million rose to 422,000, credited to market gains, savings discipline, and employer contributions.
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How could the increasing number of 401(k) 'millionaires' affect the economy as a whole?
How might this trend impact retirement planning strategies?
What implications does this growth in 401(k) 'millionaires' have for investment patterns?
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