Here's some strong news from the world of retirement savings. According to Fidelity, the number of 401(k) and IRA millionaires hit a record high at the end of the second quarter.
The number of people with $1 million or more in their 401(k) increased to a record 196,000, up from 180,000 at the end of the first quarter. Meanwhile, the number of IRA millionaires increased to 179,700, also a record high and an increase from 168,100 in the previous quarter.
On top of that, employee savings rates hit a record high, after 32 percent of savers increased their contributions in the second quarter of this year. Now, the average employee contribution rate is 8.8 percent, which is nearly a full percentage point higher than a decade ago.
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