This week has not been a stellar one to check on the 401(k) account, but that's an anomaly for 2023. The stock market's steady rise through the year has led to a 26% increase in the number of people who had at least $1 million in their 401(k) accounts at the end of June, reports the Wall Street Journal. The stat comes from Fidelity Investments, which counts 378,000 savers in that category, up from 299,000 at the end of last year. The same applies to IRA accounts—the number of millionaires there rose by a similar percentage to 350,000. All of which can be explained by the benchmark S&P 500's nearly 17% gain so far through 2023.
"We found that a growing number of people understand that saving for retirement is a marathon, not a sprint," says Mike Shamrell, a Fidelity vice president, per the Washington Post. Of course, not all savers have hit the million-dollar milestone, notes MarketWatch. The average 401(k) balance in the second quarter was $112,400, and the average IRA balance was $113,800. By contrast, the average balance for those in the millionaires' club was $1.5 million. More context: Only 1.6% of Fidelity 401(k) accounts were worth at least $1 million, and only 2.5% of IRA accounts. (More stock market stories.)
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