While the number of 401(k) millionaires is up, 40% of households are at risk of a lower standard of living in retirement

More and more 401(k) holders can now flex their millionaire status. According to Fidelity’s data, 654,000 of its clients with 401(k) accounts were millionaires in 2025, marking a new all-time high for the firm, Morningstar reports (1). Other financial institutions, such as T. Rowe Price and Alight, also reported twice as many 401(k) millionaires as in 2022, according to the Wall Street Journal (2). Must Read UBS recently described this new class of high-net-worth individuals as “everyday millionaires, ...