Retirement account balances are at a record high right now, with many workers on track toward millionaire status. According to first-quarter retirement data from Fidelity Investments, the average 401(k) balance among Fidelity account holders is $125,900 -- which is up 16% compared to this time last year.

But there's also a record-breaking number of 401(k) millionaires. Fidelity revealed that there are currently around 485,000 accounts with a balance of $1 million or more, as reported by Bloomberg, which is up by 15% from the fourth quarter of 2023.

Retiring a millionaire may not be easy, but there's a simple savings hack that can increase your odds of reaching this prestigious milestone: Start saving as early in life as possible.

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Source Fool.com