401(k) Millionaires Soared at the End of 2023

The number of 401(k) millionaires has soared in recent months.  

According to a Fidelity Q4 2023 Retirement Analysis report, “This quarter saw a 20% increase in 401(k) millionaires following Q3 2023. […] The number of millionaires in Q4 is also 11.5% higher than Q2 2023.”¹

In other words: 20% of 401(k) investors entered the 7-figure club between September and the end of December. 

Fidelity’s report reveals that there were 422,000 retirement savers who are currently 401(k) millionaires.²


If you want to be a 401(k) millionaire, read on to see how it happened for more people and how you could boost your 401(k) account balance, too. 

Why There Are More 401(k) Millionaires Today

401(k) millionaire

The main reason for the surge of 401(k) millionaires is due to improved market conditions. 

But new provisions in the Secure Act 2.0 contributed as well. 

For instance, the RMD (required minimum distribution) age has increased to 73.

As a result, more retirees are continuing to allow their 401(k) money to grow instead of withdrawing it.

According to Fidelity, “Most pre-retirees and retirees under the age of 70 maintained a savings mindset and did not withdraw from their 401(k) plans. […] 20% of retirees age 70-72 made 401(k) withdrawals in 2023.”³

Another reason we are seeing more 401(k) millionaires is because employees are contributing more.

Fidelity reports, “At the end of 2023, 78% of 401(k) savers were contributing at rate high enough to secure the full matching contribution offered by their employer.”⁴

4 Things You Can Do to Increase Your Balance

401(k) millionaire

Here’s the thing – it’s becoming more and more necessary to be a 401(k) millionaire as the cost of retirement is higher than ever before.

It’s not as impossible as you might think.

Use the following 4 tips to make achieving this goal more possible. 

1. Stay the Course

401(k) millionaire

When Fidelity released these exciting 401(k) account balance figures, they also shared their thoughts.

Sharon Brovelli, president of Workplace Investing at Fidelity Investments, told CNN Business, “When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs, and the lows of the lows but, encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future.”⁵

She spoke to CNBC and declared, “These are the poster children of staying the course and taking a long-term approach.”⁶

Life will not always be easy, and you will be tempted to contribute less to your 401(k) or withdraw funds. 

Don’t do it. Stay the course.

[Related Read: How Long Will Your 401(k) Savings Last in Retirement?]

2. Contribute More to Your 401(k)

401(k) millionaire

According to Fidelity, “In Q4, 10% of employees increased their contribution rate. For the full year, 37.2% made an increase.”⁷

One of the fastest ways to boost your 401(k) account balance – and get closer to becoming a 401(k) millionaire – is to contribute more.

Do what you can to save more out of each paycheck.

And, if you are not already saving enough to get the company match, make this a priority! 

[Related Read: 3 Reasons to Get the 401(k) Company Match in 2024]

3. Rebalance Regularly

401(k) millionaire

Rebalancing is simply changing how you allot your investments so that you can take advantage of growth opportunities and protect yourself against potential losses.

According to Fidelity, “In Q4, 5% of workers changed their asset allocation. Looking at all of 2023, 8.4% made adjustments.”⁸

You want to be part of that percentage. 

[Related Read: What Every Investor Needs to Know about Rebalancing a 401(k)]

4. Get Professional Help

401(k) millionaire

If you are unsure how to properly rebalance your account or don’t know where to start when it comes to boosting your 401(k) account balance, we’re here to help. 

Professional help makes a significant difference.

In a 2019 study titled Advisor’s Alpha, The Vanguard Fund Group, Inc., reported a 3% average increase in the value of portfolios of clients who work with a financial advisor.⁹

[Check out our 401(k) calculator to see how professional account management (and properly rebalancing) may improve your 401(k) performance.]

Let’s say you have an account balance of $150,000, and you expect 7% returns, and you have 15 years until retirement.

Using our 401(k) calculator, you would see that having professional help to properly rebalance your account may improve your retirement by $212,732.49. 

These calculations do not include employer contributions or future salary deferrals. With those included, you can see that the difference has the potential to be much larger.

Continuing with the example above, imagine what an additional $212,732.49 at retirement might mean for your future. 

Would it make the difference between having just enough to get by or being able to enjoy your retirement? 

Really think about it. 

Then ask yourself, Can you afford not to seek professional help to regularly rebalance your 401(k)?

Check out our 401(k) calculator here to see how you may improve your account performance.

401(k) Maneuver provides independent, professional account management to help employees, just like you, grow and protect their 401(k) accounts.

Our goal is to increase your account performance over time, manage downside risk to minimize losses, and reduce fees that may be hurting your retirement account performance. 

With 401(k) Maneuver, you can go about your life doing what you love with confidence, knowing we are handling the changes for you

Have questions or concerns about your 401(k) performance? Book a complimentary 15-minute 401(k) Strategy Session with one of our advisors. 

Book a Strategy Session


  1. https://www.fidelity.com/about-fidelity/Q4-2023-retirement-analysis
  2. https://newsroom.fidelity.com/pressreleases/fidelity–2023-retirement-analysis–despite-uncertain-market-conditions–retirement-savers-have-high/s/b1b9fef9-4da9-4725-9080-bd614678181b
  3. https://www.fidelity.com/about-fidelity/Q4-2023-retirement-analysis
  4. https://www.fidelity.com/about-fidelity/Q4-2023-retirement-analysis
  5. https://edition.cnn.com/2024/02/27/success/401k-balances-fidelity/index.html
  6. https://www.cnbc.com/2024/02/27/401k-millionaires-and-average-balances-rose-in-2023-fidelity-says.html
  7. https://www.fidelity.com/about-fidelity/Q4-2023-retirement-analysis
  8. https://www.fidelity.com/about-fidelity/Q4-2023-retirement-analysis
  9. https://www.investopedia.com/articles/personal-finance/102616/how-much-can-advisor-help-your-returns-how-about-3-worth.asp
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