The number of 401(k) millionaires hits a new high — here's how to become one
, or those at the early stages of their retirement planning, had an average balance of $29,000, while baby boomers averaged $198,000.is $106,000, just shy of the all-time high balance of $106,500 reached in the third quarter of 2018,
Still, nearly a third of savers increased their contribution rate during the last year, Fidelity found. The average 401 contribution rate is now 8.8% — not including the employer match — the highest percentage ever. Although it was long been considered the gold standard, $1 million is likely not enough for many retirees., according to a separate survey from
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