--- title: Millennials Are Finally Joining the Ranks of 401(k) Millionaires description: New Fidelity data shows a record 654,000 Americans are 401(k) millionaires — and, notably, 4% of them are millennials. authors: - name: Liliana Hall role: Reporter url: https://money.com/author/liliana-hall/ bio: Liliana Hall joined Money in 2025. She is an Austin-based reporter for Money, where she covers a range of topics, including financial news, policy, banking, investing, passive income, financial planning and student loan debt. education: University of Texas at Austin at_money_since: 2025 articles: 132 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Shopping - Taxes social: - https://x.com/lilihallllllll - https://www.linkedin.com/in/liliana-hall/ editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2025-11-21T17:14:00.000Z' modified: '2025-11-21T17:14:00.000Z' section: Retirement tags: - News word_count: 496 canonical: https://money.com/401k-millionaire-record-millennials/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage of a young woman enjoying a lounge chair, with a one million dollar bill in the background](https://img.money.com/2025/11/News-Millennial-401K-Millionaires.jpg) The number of 401(k) millionaires has climbed to a record high thanks to overall market gains that lifted account balances over the summer. According to Fidelity’s latest [retirement analysis](https://about.fidelity.com/data-and-insights/q3-2025-retirement-analysis), which covers July, August and September, 654,000 savers now have at least $1 million in their workplace retirement accounts. That's up from 595,000 [at the end of June](https://money.com/record-401k-accounts-hit-1-million-q2/), marking the sixth consecutive quarter of growth in the typical 401(k) balance. The average 401(k) balance reached $144,400, a 5% increase from the second quarter and up 9% compared to the same quarter one year ago. Individual retirement account (IRA) balances followed a similar pattern, rising to an average of $137,902, also a 5% uptick from June. A major contributor to these milestones is high savings rates. Workers saved an average of 9.5% of their pay, while employers kicked in another 4.7%, bringing combined contributions to 14.2% — yet another [record high](https://money.com/record-high-401k-savings-rate/) that has remained steady since early this year. That’s nearly in line with Fidelity’s [recommended total savings rate](https://www.fidelity.com/learning-center/personal-finance/average-retirement-savings) of 15% — the benchmark the company says helps workers maintain their lifestyle in retirement. ## If you currently have a 401k but are looking for different ways to extend your portfolio, rolling over to a Gold IRA is one of the best ways to do so! ### American Hartford Gold can help protect your assets in tax-advantaged accounts by providing metal IRA. Why wait? Select your state to get started today! [Invest in Gold](https://money.com/pr/x3c4ebd2b55c?ap_referrer=%2F401k-millionaire-record-millennials%2F&apxa1=401k-millionaires-stock-market-drop) Millennials — those born between 1981 and 1996 — are starting to join the ranks of 401(k) millionaires. They now represent roughly 4% of all 401(k) millionaires, up from just 1.8% a year ago. Still, Gen Xers (born between 1965 and 1980) and baby boomers (born between 1946 and 1964) continue to make up the majority of savers, at about 60% and 36%, respectively. Fidelity confirmed these demographic figures in an email to Money on Thursday. “Historically, the 401(k) millionaires have been Gen X and Boomers, but as they are now getting further in their careers, we're starting to see millennials reach the million-dollar milestone, which is an interesting change to note,” Michael Shamrell, vice president of workplace thought leadership at Fidelity Investments, [told Yahoo Finance](https://finance.yahoo.com/news/millionaire-millennials-everywhere-new-fidelity-survey-highlights-the-status-of-retirement-savers-132010459.html). Another standout from the report shows women with 15 years of continuous investment in their 401(k) now have an average balance of $501,100, surpassing $500,000 for the first time. This represents a 16.5% increase from this time last year. Still, retirement confidence remains uneven. Just 6 in 10 women say they believe they'll be able to retire with a comfortable lifestyle, compared with 75% of men who report being very or somewhat confident, according to a [survey](https://www.transamericainstitute.org/docs/research/gender-lgbtq/25-facts-women-retirement-survey-report-2025.pdf?sfvrsn=69efaae8_3) from the Transamerica Center for Retirement Studies. The confidence gap mirrors a persistent difference in retirement savings. Men's 401(k) balances tend to [significantly outpace women's](https://money.com/401k-balance-gender-gap-closing/). A 2023 Bank of America [report](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2023/06/bofa-data-finds-men-s-average-401-k--account-balance-exceeds-wom.html) found that the average 401(k) account balance for men was $89,000, roughly 50% higher than the $59,000 average for women. The reason? Largely the [gender pay gap](https://money.com/gender-pay-gap-close-2056/), which reduces women's lifetime earnings — and the amount they're able to contribute to retirement accounts. ### Top Precious Metals Company on Inc. 5000 ![Invest in Gold](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) Our Partner [Invest in Gold](https://money.com/go/43e3cd31535d?bidid=4030309464&pmeta=p129-c736-u23969&ptid=662386300&ptoken=91b430b284c3d31819cf6c6cf6e995d0&apxa1=401k-millionaires-stock-market-drop) ### Endorsed by Robert Kiyosaki — Up to $25K in FREE Silver on Qualifying Purchases ![Invest in Gold](https://s3.consumersadvocate.org/prd/image/image/24353/medium_69e2748f-b29f-4686-895b-4e103b4d0c3e.png) Our Partner [Invest in Gold](https://money.com/go/df1c5a7ee95e?bidid=4030309465&pmeta=p129-c736-u23969&ptid=662386300&ptoken=2dd2998143813c3b7740384084de5734&apxa1=401k-millionaires-stock-market-drop) ### Qualify for up to 10% in FREE silver ![Invest in Gold](https://s3.consumersadvocate.org/prd/image/image/21155/medium_2ce64332-874c-41c0-a3b9-7f738e834f1c.png) Our Partner [Invest in Gold](https://money.com/go/6c8cecf7b915?bidid=4030309463&pmeta=p129-c736-u23969&ptid=662386300&ptoken=674aaa1a74ee572130a0e398897e412b&apxa1=401k-millionaires-stock-market-drop) ![](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) American Hartford Gold can help you take control of your financial future [Invest in Gold](https://money.com/pr/cdf8db27d320?ap_referrer=%2F401k-millionaire-record-millennials%2F&apxa1=401k-millionaires-stock-market-drop) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/401k-millionaire-record-millennials/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "401(k)", "item": "https://money.com/401k/" }, { "@type": "ListItem", "position": 4, "name": "Millennials Are Finally Joining the Ranks of 401(k) Millionaires" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/401k-millionaire-record-millennials/#webpage", "url": "https://money.com/401k-millionaire-record-millennials/", "name": "Millennials Are Finally Joining the Ranks of 401(k) Millionaires", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2025-11-21T17:14:00.000Z", "mainEntity": { "@id": "https://money.com/401k-millionaire-record-millennials/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/401k-millionaire-record-millennials/#breadcrumb" }, "dateModified": "2025-11-21T17:14:00.000Z" }, { "@type": "NewsArticle", "headline": "Millennials Are Finally Joining the Ranks of 401(k) Millionaires", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2025/11/News-Millennial-401K-Millionaires.jpg", "width": 2230, "height": 1487, "caption": "News-Millennial-401K-Millionaires" } ], "author": [ { "@type": "Person", "name": "Liliana Hall", "url": "https://money.com/author/liliana-hall/", "@id": "https://money.com/author/liliana-hall/#author", "description": "Liliana Hall joined Money in 2025. She is an Austin-based reporter for Money, where she covers a range of topics, including financial news, policy, banking, investing, passive income, financial planning and student loan debt.", "image": "https://img.money.com/2025/03/Hall_headshot.jpg?quality=85&w=640&h=640&crop=1", "email": "liliana.hall@money.com", "jobTitle": "Reporter", "alumniOf": "University of Texas at Austin", "sameAs": [ "https://x.com/lilihallllllll", "https://www.linkedin.com/in/liliana-hall/" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2025-11-21T17:14:00.000Z", "description": "New Fidelity data shows a record 654,000 Americans are 401(k) millionaires — and, notably, 4% of them are millennials.", "abstract": "New Fidelity data shows a record 654,000 Americans are 401(k) millionaires — and, notably, 4% of them are millennials.", "@id": "https://money.com/401k-millionaire-record-millennials/", "inLanguage": "en-US", "dateModified": "2025-11-21T17:14:00.000Z", "editor": [ { "@type": "Person", "name": "Julia Glum", "url": "https://money.com/author/julia-glum/", "@id": "https://money.com/author/julia-glum/#author", "description": "Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. ", "image": "https://img.money.com/2021/10/a_julia-glum.jpg?quality=85&w=400&h=440&crop=1", "email": "julia.glum@money.com", "jobTitle": "Managing Editor", "alumniOf": "University of Florida", "subjectOf": [ { "@type": "WebPage", "url": "https://www.newsweek.com", "name": "Newsweek" }, { "@type": "WebPage", "url": "https://www.ibtimes.com/", "name": "International Business Times" }, { "@type": "WebPage", "url": "https://www.cbsnews.com/news/home-office-tax-deduction-who-qualifies/", "name": "CBS News" }, { "@type": "WebPage", "url": "https://www.goodmorningamerica.com/living/story/coupon-queen-woman-tik-tok-share-tips-couponing-66302189", "name": "Good Morning America" }, { "@type": "WebPage", "url": "https://www.wusa9.com/video/entertainment/television/programs/great-day-washington/tips-to-being-better-with-money-in-2021/65-a5b83e05-73ba-4d60-b9a8-1d47f9ac6018", "name": "WUSA9" }, { "@type": "WebPage", "url": "https://pix11.com/news/coronavirus/rebound/making-ends-meet/millenials-taking-biggest-financial-hit-from-pandemic/", "name": "Pix 11" }, { "@type": "WebPage", "url": "https://www.nytimes.com/2019/09/10/opinion/active-shooter-drill-schools.html", "name": "The New York Times" }, { "@type": "WebPage", "url": "https://mashable.com/article/forrest-fenn-treasure-found", "name": "Mashable" }, { "@type": "WebPage", "url": "https://www.washingtonpost.com/news/post-nation/wp/2014/08/13/theres-an-app-for-that-authorities-say-man-asked-siri-for-help-dumping-body/", "name": "The Washington Post" }, { "@type": "WebPage", "url": "https://www.cnbc.com/2020/06/08/treasure-buried-by-forrest-fenn-finally-found-after-10-years.html", "name": "CNBC" }, { "@type": "WebPage", "url": "https://www.politico.com/tipsheets/florida-playbook/2017/03/gillum-for-governors-rollout-stumble-florida-woman-gets-trump-shout-out-rubios-tampa-office-problems-218973", "name": "Politico" } ], "sameAs": [ "https://x.com/superjulia", "https://www.linkedin.com/in/julia-glum" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "wordCount": 496, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Retirement", "sameAs": [ "https://en.wikipedia.org/wiki/Retirement" ] }, { "@type": "Thing", "name": "401(k)", "sameAs": [ "https://en.wikipedia.org/wiki/401(k)" ] } ] } ] } ```