More millennials are 401(k) millionairesSaving $1 million for retirement used to be considered the gold standard, although these days financial advisors may recommend putting away even more. The number of millennials with seven-figure balances has jumped 400% from one year ago, according to the data from Fidelity Investments prepared for CNBC. The financial services firm handles more than 49 million retirement accounts altogether. How to become a 401(k) millionaireCertified financial planner Chelsea Ransom-Cooper, chief financial planning officer of Zenith Wealth Partners in New Jersey, works with mostly millennial clients. In 2023, only 14% of employees deferred the maximum annual amount into 401(k) plans, according to Vanguard's 2024 How America Saves report.

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Persons: Wes Bellamy, Bellamy, I'm, Bankrate, Mike Shamrell, Shamrell, Jordan Awoye, millennials, —, Awoye, Chelsea Ransom, Cooper, that's, Ransom, deferrals, That's Organizations: Virginia State University, Fidelity Investments, CNBC, Fidelity, Nasdaq, Dow Jones, Awoye, Finance, North, Zenith Wealth Partners, America Locations: Charlottesville , Virginia, New York, New Jersey