Record 654,000 Americans now 401(k) millionaires — here's what’s driving the boom

A record 654,000 Americans are now 401(k) millionaires. Thats the highest number ever. Most are around 59 years old and have been investing for 25+ years. Steady contributions, employer matching, and strong market gains pushed balances over $1 million. Older workers benefit from catch-up contributions, while younger savers can still grow wealth with time. This milestone proves discipline, consistency, and long-term investing work. Even modest savings grow into life-changing wealth.