As of June, there were roughly 497,000 so-called retirement-created millionaires in the U.S., according to the wealth management firm. Gen Xers, the generation closest to retirement, are making the biggest gains in saving for retirement, increasing their IRA contributions by 30% over the last year.
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U.S. has more 401(k) millionaires than ever, report shows
"This group is a great example because the average tenure is 27 years," Michael Shamrell, vice president of workplace thought leadership at Fidelity, told CBS MoneyWatch. "They have seen a lot, and they are a great example of taking a longer-term approach to continuing to save and stay on track. That's one thing that's contributed to them hitting this savings level."
