Sturdy stock market mints a record number of 401(k) millionaires
The number of millionaire 401(k) accounts at Fidelity reached a record 769,000 in the second quarter.
September 4, 2026 / 5:00 AM EDT / CBS News
The number of 401(k) millionaires jumped 19% between the first and second quarters, lifted by a bullish stock market and by record average employee contribution rates, the investment company said. About 3% of Fidelity's 25.8 million 401(k) accounts have balances of at least $1 million.
The growing number of 401(k) millionaires highlights the combination of long-term saving and rising financial markets. Still, million-dollar retirement accounts remain rare, while nearly seven in 10 workers doubt they will be able to retire comfortably, according to a recent survey from financial services company NFP.
Many 401(k) millionaires are older workers who have saved consistently for decades, Michael Shamrell, vice president of thought leadership at Fidelity Investments, told CBS News. He noted that Fidelity doesn't like to emphasize the $1 million milestone because retirement needs vary from person to person, and some might feel that achieving it is beyond their grasp.
"We don't want people to think that, 'OK, this is what you should aim for, this is what you're going to need,' because everybody's different, and so you know some might need more, some might need less," Shamrell said.