Who wants to be the next retirement millionaire? The likelihood that it’s you has reportedly grown by double digits, new data from Fidelity indicates. More than a third of U.S. workers increased their retirement savings contribution rate by the end of 2023, the investment firm reported Tuesday, while the number of accounts hitting millionaire status grew by more than 11%.
Despite the positive numbers, a recent Clever study found that 46% of retirees have no plan if their retirement savings run out, while 66% of current retirees say America faces a retirement "crisis." Many experts have estimated that a little more than $1 million is enough for comfortable retirement plans, but the exact number depends on each individual’s financial footprint.