A million dollars isn't what it used to be—but it doesn't hurt to have.
Investors took hit after hit during a tumultuous 2022: soaring inflation, rising interest rates, and declines in the bond and equity markets all led to substantial decreases in average retirement account balances last year. But this year brings better news: account balances are growing by double digits over the past 12 months. The growth is so strong, in fact, that the share of 401(k) millionaires has grown by 25% so far this year, according to Fidelity Investments’ Q2 2023 retirement analysis.
