The number of retirement savers with $1 million in their 401(k) or IRA has hit a record high
Despite that fact that most people are undersaved for retirement, a new study out from Fidelity on Wednesday shows that the retirement savings picture isn’t quite as grim as you might think. Indeed, the number of 401 and IRA millionaires hit a record high at the end of the second quarter, Fidelity found.
But don’t pull out the confetti yet: Most of us still don’t have enough saved for retirement. Fidelity data show that the average 401 balance is still only $106,000, and the average IRA balance is $110,400. And an analysis done by the Employee Benefit Research Institute found that more than four in 10 U.S. households where the head of household is between the ages of 35 and 64 will likely run short of money in retirement.
If you’re far from being a 401 or IRA millionaire, there may still be time for you to save more. Here are some expert tips on how to do it: Make your savings automatic, advises Hockenbury. “Many 401 plans now have a cool feature that automatically raises your contribution to the plan by 1% each year. If you haven’t opted-in to this when you set up your plan, it is a great idea to do so today,” he says.
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