With retirement savings on the rise, reaching a million-dollar balance is becoming more attainable for many. According to a recent analysis by Fidelity of over 48 million retirement accounts, including IRAs, 401(k)s, and 403(b)s, the number of individuals with million-dollar 401(k) balances has surged to a record high.
In the second quarter of 2024 alone, the count of 401(k) millionaires climbed to 497,000, marking a significant 12,000-person increase from the previous quarter. Additionally, millionaires with IRA accounts saw a 6 percent rise, reaching 398,594. As more people hit this financial milestone, a financial expert shares insights on how you too can achieve a seven-figure retirement fund.
