Sturdy stock market mints a record number of 401(k) millionaires

TL;DR

A record 769,000 Fidelity 401(k) accounts held at least $1 million in the second quarter.
The increase was driven by a bullish stock market and record average employee contribution rates of 9.6%.
About 3% of Fidelity's 401(k) accounts now exceed $1 million.
Many 401(k) millionaires are older workers with decades of consistent saving.
Despite the record numbers, 72% of workers surveyed by NFP feel they are behind on retirement savings.
The average Fidelity 401(k) balance was $155,800 as of June 30.
Workers remain concerned about inflation, cost of living, and geopolitical turmoil.

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