Record Number of $1 Million 401(k) and IRA Accounts in Q2 2024

SOURCE thehill.com
A record number of 401(k) and IRA accounts contained $1 million or more in the second quarter of 2024, with significant increases from the previous quarter. Average retirement account balances have also seen growth over the last year.

Key Points

  • 497,000 401(k) "millionaires" in Q2 2024
  • 399,000 IRA participants with $1 million or more in Q2 2024
  • Average 401(k) account balance up 13% from a year ago
  • Average IRA account balance up 14% from a year ago

Pros

  • Increased number of 401(k) and IRA "millionaires"
  • Average retirement account balances growing steadily