401(k), IRA millionaires hit a record

The report on retirement trends found that there were 441,000 IRA and 401(k) accounts with balances of $1M or more

Americans saving for retirement are raking in serious cash with a little help from the record-breaking stock markets.

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The number of 401(k) and IRA millionaires entered unprecedented territory, according to Fidelity’s quarterly analysis of retirement savings trends.

401(K) PLANS: HOW MUCH YOU SHOULD HAVE SAVED

The report found a record of 441,000 IRA and 401(k) accounts with balances of $1 million or more.

The average 401(k) balance rose to a high of $112,300, marking a 7 percent rise compared to last quarter’s balance of $105,200.

401(K) CHANGES COMING IN 2020 

Automatically enrolling is also becoming increasingly more popular as a record 35 percent of employers are now enrolling workers into savings accounts.

Workers are also saving more. The study found one-third of people participating in plans boosted the amount they were putting aside by an average of 3 percent.

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