(The Hill) — A record number of 401(k) accounts contained $1 million or more during the second quarter of 2024, according to an analysis from Fidelity Investments. There were about 497,000 so ...

That said, withdrawing from your 401(k) when you're young isn't cheap. You'll pay a 10% penalty on any amount withdrawn before the age of 59 1/2, as well as income taxes.

According to a recent Fidelity Investments report, there's a record number of 401(k) accounts with $1 million or more. At the start of 2024, there were approximately 485,000 401(k) millionaires.

On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million. The number of so-called 401(k) ‘millionaires’ rose ...

Fidelity also reported that the number of 401(k) accounts with balances of at least $1 million rose in the fourth quarter by 20%, to 422,000 accounts; and by 41% for the whole year.

They are still a very small minority in the 401(k) universe, but there were a record number of 401(k) participants with balances over $1 million at the end of the first quarter this year, Fidelity ...