Democracy Dies in Darkness

The 401(k) millionaires club hit a new record. What’s their secret?

While this elite group benefited from surging stock prices, their gains are markers of steady investing over time and having the patience to ride out the rough patches.

5 min
(Illustration by Kat Brooks/The Washington Post; iStock)
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A surge in the stock market ushered a record number of retirement investors into the millionaire’s club.

The number of 401(k) accounts with $1 million or more increased 31 percent, to 497,000 in the second quarter compared with the same period a year earlier, according to Fidelity Investments, one of the largest administrators of workplace retirement plans. The number of IRA millionaires hit a record 398,594, up 14 percent.

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