401(k) millionaires are on the rise after taking a hit last year. Boomers are leading the way
401(k) millionaires are on the rise after taking a hit last year. Boomers are leading the way
Boomers are leading the way.
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It's not just boomers.
Young savers have done especially well. Gen Z saw a 66% increase in average 401(k) balances compared to a year ago, while millennials saw a 24.5% increase. Average Gen X balances were up 14.5%, and baby boomers saw an average increase of 6.3% compared to a year ago.
Source from Fidelity (PDF)
I'll be curious to see what these numbers look like once student loan repayments start back up in October. I know I'm personally going to have to cut back my 401(k) contributions - which I increased during the payment pause over the last few years - in order to resume my payments, even with an IDR plan.