Record average account balances in the nation's 401(k)s have translated into a surge in retirement savers who can now consider themselves millionaires.
New data from Fidelity Investments shows about 72,000 workers have $1 million or more parked in 401(k) plans, twice as many in 2012 and five times as many as a decade ago.
Half of 401(k) millionaires had balances between $1 million and $1.25 million at the end of 2014, 39 percent held between $1.25 million and $2 million, and 9 percent of accounts held more than $2 million.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
