Thousands of Savers are Now '401(k) Millionaires'


A growing number of Americans are "401(k) millionaires." Are you one of them?

More than 133,000 Americans have a million bucks or more in the popular Fidelity family of retirement accounts. That's almost times as many as six years ago.

Experts say there's no magic number for how much to save for retirement, Your lifestyle, health and family all factor in how much you'll need.

Also, financial advisors say that may mean that a million-dollar 401(k) balance still isn't enough. None say there’s one fixed number that takes care of everyone – but all agree on the exponential power of compound interest.

Experts say the keys to building up your 401(k) include:

--Start saving as early as possible.

--Take full advantage of any company matches to contributions that are offered by your employer.

--Contribute the maximum amount allowed by law.

--Aim to increase your overall retirement saving by at least 1 percent each year.

USA Today reports that the number of Fidelity 401(k) savings accounts with a balance of $1 million or more jumped to 133,000 in the third quarter of 2017, up from just 89,000 a year earlier.

The newspaper reports that women, in particular, are making significant strides when it comes to savings, finding that the share of female “401(k) millionaires” and has doubled -- from 10 percent in 2005 to 20 percent last year.


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