The Number of Retirement Plan Millionaires Has Reached an All-Time High

Many people have the goal of retiring with $1 million or more in savings. And given the expenses seniors tend to face, that's not a silly goal to set. It's also by no means an impossible one to achieve.

Case in point: The number of Fidelity retirement plans with a balance of $1 million or more has reached an all-time high. Specifically, there were 365,000 401(k) plans with $1 million or more during the first quarter of 2021. Meanwhile, IRAs with $1 million or more increased to 307,600, which is also a record.

All told, the total number of retirement plans worth $1 million or more has more than doubled from one year ago. And that's pretty impressive given the hit the stock market took early on in the pandemic, and also given the fact that many people had to either tap their retirement savings early to cope with the coronavirus outbreak, or put their contributions on pause to focus on near-term needs, like emergency savings.

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Source Fool.com