More People Have $1 Million in Their Retirement Accounts Than Ever Before — Here’s the Secret to Getting There, According to an Expert

The number of 401(k)-created millionaires has reached a new peak as retirement balances overall grow for the third quarter in a row.

Fidelity analyzed more than 48 million retirement accounts, including IRAs, 401(k)s and 403(b)s, for its latest quarterly retirement analysis. The study found that in Q2 2024, the number of 401(k) millionaires hit a new high of 497,000 people.

That’s 12,000 more 401(k) millionaires in Q2 compared to the previous quarter.

IRA-created millionaires also jumped by 6% from the first to the second quarters, going from 376,275 to 398,594 people.

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