The Fidelity analysis showed that 38% of millennials grew their savings rate, while 34% of women increased their savings rate.
Fidelity Says Number Of 401(k) Millionaires Hits Record High
August 21, 2019
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This news is not necessarily cause for celebration. If 200,000 401k participants have $1 million, and 55,000,000 Americans participate in 401k plans, that's a millionaire rate of a little over one-third of one percent. If we only looked at the 10% largest accounts, that's still only 3.6%. To establish a solid foundation of savings for retirement, an American family needs both husband and wife to save consistently over a lifetime at profitable companies with strong matches. They'll also need two Social Security benefits, a paid-off house and zero debt if they hope to live 25 years in retirement without working.