Are you a 401(k) millionaire? Fidelity Investments says the number of its 401(k) account holders with balances over $1 million hit record high.
The ranks of 401 and IRA millionaires again hit a record high in the second quarter at Fidelity Investments after stocks fully recovered from their losses suffered at the end of 2018.
That's not all the milestones, either, according to Fidelity's report released Wednesday. Contribution rates and increases also hit record levels. The average IRA balance increased 3% to $110,400 in the second quarter from $107,100 in the previous quarter. It reached a high of $111,000 in the third quarter of 2018.
The average doesn’t illustrate how gains can compound over time. It’s better to look at those with have been saving in the same accounts over 10 years. More are auto-enrolling at higher contribution rates as well. One in five employers set the default contribution rate at 6% or higher. About 44% set the default rate at just 3%, the most common setting but down from 60% from 2009.
The average percentage that employees contributed to their 401 accounts increased to 8.8%, a record high and a full percentage point more than 10 years ago. Employers who matched contributions kicked in 4.7% on average.
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