The ranks of 401(k) millionaires shot up 9.5% in the third quarter, a new analysis shows. Fidelity Investments found that 544,000 of the 24 million plan participants now have balances above $1 million, CNN reports. Their average balances came in at $1.616 million, up from $1.595 million in the second quarter. The last quarterly increase was just 2.5%. The latest jump was prompted not just by market gains but by strong average savings rate, Fidelity said. That rate came in at 14.1%, including employee contributions and an employer match.
"We are continuing to observe a dedication to saving for retirement," said Sharon Brovelli of Fidelity. The picture is not as bright for lower-income employees. The average balance for all participants reached a record but sits at $132,300, and the median is $30,600. There was reassuring news about the next generation to retire. Gen Xers who had been been saving for at least 15 years posted an average balance of almost $600,000, Fidelity found. That's a 6% increase from the previous quarter. (More 401(k) plans stories.)
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