Record number of 401(k) millionaires

NEW YORK (FOX5NY) - Some retirement savers are laughing all the way to the bank.

Fidelity Investments is reporting the number of Fidelity 401(k) plans with a balance of one million dollars or more jumped to a record $157,000 in the first quarter of 2018.

That's up from $108,000 a year earlier.  Fidelity says most 401(k) millionaires have been saving for about 30 years.

The firm found three out of ten savers increased their contribution rate over the last year with the average contribution rate now at the highest percentage in the past ten years.

Fidelity says average retirement savings balances are now in the six figures, with an average balance just under $103,000.

"Despite some market volatility at the beginning of 2018, retirement savers stayed on track and continued to contribute to their IRAs and workplace savings plans," said Kevin Barry, president of workplace investing at Fidelity Investments. 

10-year account balances reached record levels with an average account balance of $290,100, compared with an average of $250,500 a year ago.

15-year account balances were up 9 percent with an average balance of $379,600, up from $330,200 a year ago.