March 1 2020- In 2023, retirement 401(k) account balances rebounded to the highest level in nearly two years, as reported by Fidelity. Despite persistent inflation, over one-third of workers increased their retirement savings contribution rate, leading to a more than 10% rise in the number of 401(k) millionaires. This positive trend defied economists’ expectations, especially considering the sharp decline in retirement account balances in 2022 due to market volatility. Fidelity, managing over 45 million retirement accounts, noted that the average 401(k) balance concluded 2023 with a 14% increase from the previous year, reaching $118,600
401(k) millionaire ranks grew 11.5% in 2023. They are ‘poster children for staying the course,’ expert says
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