The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December

Unusual Whales

Mar 18, 2024 • 1 min read

The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity.

50% Fidelity’s millionaires are boomers, which was on par with the number of Gen X millionaires. Millennials accounted for 0.8%.

The average 401(k) balance for a Gen Zer is about $7,100, per Fidelity.

Meanwhile, the retirement savings of Gen Z has come into question as a new report shows that the median for all of their retirement savings accounts sits at just $33,000. However, not all Gen Zers have reached working age.

For those that are still confused, Gen Zs are people that were born between 1997 to 2012, per USA Today. As the year just turned 2023, some Gen Zers are just short of 21, which some might not consider the working age.

A report by TransAmerica Center for Retirement studies dove into the average savings of different age groups, namely Gen Z, Gen Y (millennials), Gen X, and Baby Boomers. Another article by USA Today shares the different age ranges of those groups.

Here are the age groups and the average amount they have in their retirement savings.

Gen Z - people born from 1997 to 2012 - have a median of $33,000 in retirement savings.
Gen Y (millennials) - people born from 1981 to 1996 - have a median of $50,000 in retirement savings.
Gen X - people born from 1965 to 1980 - have a median of $87,000 in retirement savings.
Baby Boomers - people born from 1946 to 1964 have a median of $162,000 in retirement savings.

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