The number of US workers who have reached the milestone of $1 million in their 401(k) retirement accounts has declined by 4.6% to 512,000 as of the end of the first quarter, according to Fidelity Investments data. This represents a decrease from the previous quarter.
Despite this decline, Fidelity emphasizes that saving for retirement is a long-term process that requires patience and discipline. “Saving for retirement is a marathon, not a sprint,” said the company in a statement.
The median balance among these 401(k) millionaires was $1.3 million, indicating that many have built substantial wealth over time through their retirement savings. Fidelity’s data provides insight into the state of retirement accounts and serves as a reminder for individuals to continue saving and investing for their future.
Source: https://www.marketwatch.com/story/401-k-millionaires-fell-in-the-first-quarter-but-its-not-all-bad-news-1afed4a6