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A Reddit poster with $273,000 saved recently asked when they’d become a millionaire Even without any additional savings, the poster could reach a 7-figure nest egg in 15 years thanks to compound ...
During the third quarter of 2024, Fidelity reports the number of 401(k) millionaires increased by 9.5% from the previous quarter. All told, there were 544,000 people in that category during the ...
Image source: Getty Images. 1. Maximize your contributions. Each year, you have an opportunity to sock away money into your 401(k), and the contribution limits are generous. For 2024, employees ...
Million-dollar 401(k) accounts are pretty rare, for the record. There's usually just not enough time -- nor income -- to reach that mark. It's not entirely unheard of, however, for a 401(k ...
Most employers offering 401(k) plans offer a match, so double-check to ensure you get the most easy money possible. A father and daughter put coins into a piggy bank. Image source: Getty Images.
In fact, Fidelity recently reported a record number of 401(k) millionaires, with 485,000 customers having $1 million or more in their 401(k) accounts as of Q1 2024.
Given that the average 401(k) balance for the 65-and-over crowd is in the ballpark of $270,000 (according to Vanguard), it's safe to conclude there aren't many 401(k) accounts worth $1 million or ...
There are more 401(k) millionaires in the U.S. than ever before. Fidelity Investments performs a quarterly analysis of retirement savings. Its most recent report revealed a record-high 497,000 ...