401(k) millionaires reach an all-time high. Here’s the No. 1 thing most Gen Xers and boomers did to get there.
1. Record 401(k) millionaires increased to 595,000 in Q2. 2. Average 401(k) balance rose 8% year-over-year to $137,800. 3. S&P 500 gained 10.9% in Q2, boosting retirement account performance. 4. Majority of savers maintained allocations despite market volatility. 5. Increased contributions noted, especially from Gen X and baby boomers.