Sturdy stock market mints a record number of 401(k) millionaires

September 4, 2026 / 5:00 AM EDT / CBS News

America's ranks of retirement fund millionaires are surging, with the number of 401(k) accounts managed by Fidelity Investments holding at least $1 million surging to a record 769,000 in the second quarter.

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…

Original source: https://www.cbsnews.com/entertainment/