The number of Fidelity 401(k) plans with a balance of $1 million or more jumped to a record 200,000 as of Sept. 30, up 7% from a year ago, according to a new report by Fidelity, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 30 million retirement accounts altogether.
In addition, the number of individual retirement account millionaires increased to 182,400, also an all-time high.
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They also tend to hold more equity, Murphy said, which can be a double-edged sword. On the one hand, the bull market has buoyed those investments but on the flip side, they may also be exposing their savings to unnecessary risk if the market takes a dive.
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