12/8/2025 8:15:25 PM | less than a minute read

401(k)s are minting a generation of ‘moderate millionaires’

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Sarah Wolter

Get in touch

Sarah Wolter

Steady saving by many Americans and a third consecutive year of big gains for U.S. stocks have swollen account balances. As 2025 comes to a close, many individual investors are finding holiday cheer in statements showing they have crossed the $1m milestone.

“It’s a very sweet place to be,” said John Ward, an 82-year-old retiree in Rye, N.Y., of his rising retirement balance. Around 86% of those with seven-figure balances are 50 years of age or older, typically baby boomers or Gen Xers, according to Fidelity.

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