The number of people with more than $1 million saved in 401(k) accounts at Fidelity Investments grew by nearly 10% during the third quarter, climbing from 497,000 to 544,000 over the span of three months.
Likewise, the number of IRA-created millionaires increased by nearly 5%, growing from 398,594 to 418,111. Both groups of investors benefited from steady market gains and consistent contributions made over many years.
This is according to the firm’s third-quarter retirement trends report, published Thursday.
In addition to tracking the growth of retirement-account millionaires, the report also shows that investors across the generations are making strong strides toward a stable retirement. Gen X, for example, continues to see gains in total IRA contributions, which are up 35% compared with one year ago.
Also striking, the average balance for five-, 10- and 15-year continuous savers is up for the third quarter. Again sticking with Gen X, those who have been participating in their plan for 15 years or more saw their total average savings grow 6% during the quarter, with an average balance of $586,100.
