The number of Americans who have amassed at least $1 million in retirement savings is at an all-time high, though most people fall short.
The number of '401 millionaires' — 401 plan participants with balances of at least $1 million — has reached a record high, new data from Fidelity Investments shows.As of June, there were roughly 497,000 so-called retirement-created millionaires in the U.S., according to the wealth management firm, which analyzed balances across 26,000 of its customers' accounts. Nearly 399,000 Americans also have a least $1 million in an individual retirement account.
Yet while $1 million is an eye-catching figure, Shamrell noted that how much Americans need in retirement savings can vary drastically based on a number of factors, including where they reside. Most Americans fall shortAlthough there are more 401 millionaires than ever, research shows that most Americans are woefully unprepared for retirement. Overall, the median 401 balance is just over $127,000, although that's up 13% compared to a year ago, according to Fidelity. The typical U.S.
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