Millionaires are multiplying inside America’s 401(k)s, and headlines are throwing a party. But buried beneath the celebration is a less glamorous stat: the average balance is still barely over six figures.
Fidelity’s latest report, released in September, shows a record-breaking 654,000 accounts now hold over $1 million, a nearly 10% jump from the previous quarter. It’s the highest number ever recorded.
Yet despite the surge, the average 401(k) balance sits at just $144,400—a record in its own right, but still a fraction of what the wealthiest accounts hold.
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Americans are “continuing to exhibit impactful savings behaviors such as staying the course and focusing on long-term goals, which clearly is having a positive effect on retirement savings,” according to Fidelity Investments President of Workplace Investing Sharon Brovelli. “To see balances and saving behaviors increase across all savings vehicles is encouraging, especially as savers continue to navigate an uncertain economic environment.”
Fidelity reports that 401(k) millionaires surged from 595,000 to 654,000 in a single quarter, driven by steady contributions and market momentum. But that success story mostly belongs to a small group of high earners and long-term savers.
For everyone else, growth is more gradual.
Current averages for other retirement plans:
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IRA accounts average $137,902
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403(b) plans, commonly used by nonprofit and education workers, average $131,200
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No median values were included, but they would almost certainly come in lower—especially for younger participants or those just getting started.
Still, long-term savers are seeing meaningful progress. Women who’ve contributed to their 401(k) for 15 consecutive years now average $501,100, the first time Fidelity has recorded this group crossing the half-million mark. That’s a 16.5% increase over the previous year.
Meanwhile, younger investors are reshaping retirement strategies. According to Fidelity, 95% of Gen Z’s 401(k) contributions now go to Roth accounts, a higher share than both Millennials at 75% and Gen X at 66%.
