Here's how 6 Americans became 401(k) millionaires

Core Insights - The article highlights the journey of several individuals who became 401(k) millionaires, emphasizing the importance of early and consistent saving for retirement [2][23][35] Group 1: Individual Success Stories - Mary Woulf, a single mother, started saving in her 401(k) at age 22 and became a millionaire by retirement at age 58, demonstrating the power of long-term contributions and employer matching [2][9][8] - Joy El-Amin began saving at age 22 and, despite taking eight years off to raise children, accumulated $1.45 million by consistently contributing to her retirement accounts [13][12] - Richard Eckman, inspired by a Fidelity ad, committed to saving 15% of his income and avoided significant financial pitfalls, ultimately becoming a 401(k) millionaire [19][20][22] Group 2: Key Factors for Success - The article notes that approximately 2% of retirement savers have million-dollar balances, with Fidelity reporting 512,000 401(k) millionaires as of early 2025 [3] - Consistent contributions, often aided by employer matching, are crucial; for example, Elisa Brown became a millionaire by contributing a portion of her salary and benefiting from market growth [26][24] - The importance of starting early and maximizing contributions is emphasized, with retirement planners recommending saving at least 10% of pre-tax income [10][11][14] Group 3: Challenges and Considerations - Many individuals do not start saving until midlife, and life events such as raising children or changing jobs can disrupt retirement savings [6][7] - The article highlights that over $1.7 trillion is tied up in lost or forgotten 401(k) accounts, often due to job changes [28] - The temptation to withdraw from retirement accounts for emergencies is a significant barrier to achieving millionaire status, with hardship withdrawals increasing from 1.7% in 2020 to 4.8% in 2024 [33]