Bidenomics! Thanks!
On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million.
The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its conclusions on 24 million 401(k) accounts across the 26,000 employer-sponsored plans that it administers.
As of June 30, nearly half a million 401(k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter. The average balance hit $1,595,200, up from $1,581,000 at the end of March, according to Fidelity’s data.