Fidelity: Record number of 401(k) millionaires in the U.S., average holdings hits record too

About this video

• Video Title: Fidelity: Record number of 401(k) millionaires in the U.S., average holdings hits record too
• Channel: CNBC Television
• Speakers: Kristina Partsinevelos, Sharon Epperson
• Duration: 00:02:30

Overview

This video reports on positive trends in 401(k) savings, highlighting a record number of 401(k) millionaires and record average balances in the U.S. It also discusses the importance of reviewing 401(k) investments to avoid "stuck money" in outdated or forgotten accounts.

Key takeaways

• Record 401(k) Millionaires: Fidelity Investments reported a record high of 595,000 401(k) millionaires in the second quarter.
• Increased Average Balances: The average 401(k) balance reached an all-time high of $137,000, an 8% increase from the previous quarter.
• Investor Behavior: Despite market fluctuations, 95% of 401(k) investors did not make changes to their portfolios, and savings rates remained steady around 15%.
• "Stuck Money" Concern: The video raises concerns about "stuck money" in outdated or forgotten 401(k) accounts that are not aligned with long-term investment goals.