Fidelity's recent report highlights 34,000 new millionaires in Q2 2024, marking a significant rise in retirement account holders reaching millionaire status due to strong market conditions.
Sharon Brovelli, president of workplace investing at Fidelity, states, 'Americans leveraged positive market conditions to build upon their savings and further secure their financial future,' emphasizing the importance of consistent contribution to retirement accounts.
The increase in 401(k) millionaires, climbing to 497,000, represents a growth of 2.5% compared to the previous quarter, showcasing a trend of increased wealth accumulation among retirement savers.
Average retirement savings rates actually improved, with total average 401(k) savings reaching 14.2% of income, reflecting a growing awareness among Americans regarding the need for adequate retirement savings.
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