From September to December, people with $1 million or more in their 401(k) increased by 20%.

By Pradeep February 28, 2024

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By December's end, 422,000 people had at least a million dollars in their 401(k) accounts.

The number of IRA millionaires grew to 391,562 by the end of December.

Michael Shamrell of Fidelity is happy because the market is helping people's retirement funds grow.

At the end of the year, retirement accounts had more money than in nearly two years.

Over a third of workers increased their retirement fund contributions in 2023.

Fidelity's report included over 45 million retirement accounts.

Last year, the stock market's performance significantly boosted retirement savings.

By the end of 2023, 78% of 401(k) savers contributed enough to get the full employer match.

About 1 in 4 employers automatically enroll employees in retirement savings, with a starting rate of 4.1%.