America’s population of 401(k) millionaires hits record high — thanks to strong market

By Zoe Hussain of The New York Post. Excerpts:

"The number of 401(k) millionaires has soared to a record high — buoyed by a strong stock market and robust employee contributions.

The number of retirement accounts managed by Fidelity Investments with at least $1 million jumped 19% between the first and second quarters — reaching a record 769,000 accounts, the investment firm told CBS News.

The deluge of retirement fund millionaires was driven by a bullish stock market and employees who put away money at historically high rates despite growing financial pressures, rising grocery costs, and pricey utility bills, the outlet reported."

"The gains were mostly made by older Americans who spent decades consistently saving and investing"