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With stocks surging, the number of retirement account millionaires jumped 15% from the prior quarter and 43% since March 2023. Average retirement account balances, meanwhile, hit their highest level since the end of 2021, rising to $125,900 for 401(k)s and $127,745 for IRAs.
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And there was another positive sign for future growth in account balances: Combined 401(k) contributions from employees and employers who offer a company match rose to 14.2% in the first quarter. That close to the 15% rate that Fidelity and many financial services firms suggest as a savings target.
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