New York CNN —They are still a very small minority in the 401(k) universe, but there were a record number of 401(k) participants with balances over $1 million at the end of the first quarter this year, Fidelity Investments said Thursday.
Fidelity is one of the largest providers of workplace retirement plans, and its 401(k) data is based on more than 23 million plan participants.
The average balance for the so-called 401(k) “millionaires” came to $1,580,000, up from $1,551,300 in the fourth quarter, a Fidelity spokesperson said.
Other 401(k) participants also saw increases in their balances in the first quarter.
The average savings rate hit a record 14.2%, including employer matches, and is very close to the recommended 15% savings rate from Fidelity and retirement savings experts.
Persons:
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Organizations:
New, New York CNN, Fidelity Investments, Fidelity, Bloomberg, ”, Boomers, Pensions, Federal
Locations:
New York, United States