The number of 401(k) millionaires has soared to a record high — buoyed by a strong stock market and robust employee contributions.
The number of retirement accounts managed by Fidelity Investments with at least $1 million jumped 19% between the first and second quarters — reaching a record 769,000 accounts, the investment firm told CBS News.
The deluge of retirement fund millionaires was driven by a bullish stock market and employees who put away money at historically high rates despite growing financial pressures, rising grocery costs, and pricey utility bills, the outlet reported.
The S&P 500 gained 15% during the three months ending on June 30, enticing more workers to tuck away money for retirement. The average 401(k) contribution rate in the second quarter also remained at an impressive record high of 9.6%, according to the data.
Roughly 3% of Fidelity’s 25.8 million 401(k) accounts now have balances of at least $1 million.
“We’re really encouraged because, despite a lot of the things that have happened throughout 2026, we’re seeing consistent savings rates,” Michael Shamrell, vice president of thought leadership at Fidelity Investments, told the outlet.
“We’re not seeing people pull back on how much they’re contributing to their 401(k)s,” Shamrell said.
The gains were mostly made by older Americans who spent decades consistently saving and investing, according to Shamrell.
Still, most Americans remain far from the seven-figure mark, and some may feel the milestone is out of their reach.
The average Fidelity 401(k) balance was $155,800 as of June 30, while the average 403(b) balance stood at $145,000 and the average IRA balance was $144,523.
A 2026 survey by financial services company NFP found that 69% of employees lack confidence they will be able to retire comfortably. A whopping 72% said their retirement savings are off track.
The survey, based on a sample of 1,000 working adults in the US, also revealed that 46% are either deprioritizing retirement savings or unable to save at all, with expenses including housing, transportation, and food taking precedence.
“We don’t want people to think that, ‘OK, this is what you should aim for, this is what you’re going to need,’ because everybody’s different, and so you know some might need more, some might need less,” Shamrell said.