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The Crossroads of Special Operations

Thursday, May 13, 2021

The number of 401k millionaires hits a record high | CNBC

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A new Fidelity 401k plan record has been set in the third quarter of 2019. With 200,000 accounts reaching one million, the count is up 7% from last year. While the national average account balance fell by 1%, almost one third of account holders increased their savings rate. The average savings rate is 13.4%, including employer contribution. The accounts in the millions saving an average of 20% or higher. However, the accounts with more equity are also more at risk if the stock market crashes.

Source: https://www.cnbc.com/2019/11/14/the-number-of-401k-millionaires-hits-a-record-high.html

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