The Number of Retirement Millionaires Hit a Record High
September 16, 2019
The amount you’ll need to have saved for retirement varies greatly from person to person, but most financial planners offer up $1 million as the target savings goal. More people than ever before are meeting that goal. Fidelity has reported that the number of 401(k) plans with a balance of over $1 million jumped to an all-time high of 196,000 in June. This is an increase of 17 percent from the year before. The number of IRA’s with over $1 million also hit an all-time high.
Fidelity is the nation’s largest provider of retirement plans, handling more than 30 million retirement accounts. In addition to the number of retirement millionaires being higher than ever, the average balances are near their record highs. The average 401(k) value as of June is $106,000, down slightly from the all-time high of $106,500 last year. The average IRA balance is $110,400, also just shy last year’s record high.