Your daily latte habit is not keeping you from becoming a 401(k) millionaire. To reach that goal, you need three things: time, discipline, and patience.
Fidelity Investments reported earlier this month that the number of 401(k) millionaires in the funds it manages reached a record high of 769,000 in the second quarter of this year. That’s a 19 percent increase from 646,000 in the previous quarter and a 30 percent jump year-over-year. While these figures reflect only plans managed by Fidelity, one of the nation’s largest 401(k) administrators, they provide useful insight into how workers are building retirement wealth.