A record number of 401(k) holders at Fidelity Investments hit millionaire status in 2018. Not one of them? You’re in very good company: A seven-figure 401(k) balance is the exception, not the rule.
In fact, the average 401(k) balance at Fidelity — which holds 16.2 million 401(k) accounts and is consistently ranked as the largest defined contribution record-keeper — was $106,500 as of September 2018.
If that still seems high, consider that averages tend to be skewed by outliers, and in this case, that number is being propped up by those rare millionaires. The median, which represents the middle balance between the highs and lows, is just $24,800.
No matter which number is closer to your reality — and certainly for some, both will feel out of reach — it’s important to remember that numbers like this are akin to train wrecks: They will tempt you to gawk, but they won’t likely offer you much actionable information.