Millennials are racking up retirement savings in Roth IRAs [View all]

[Zorro]

Some savers have done what seems impossible.

They’ve managed to save $1 million or more in their workplace retirement accounts. I’ve written before about this trend and will continue to do so to encourage those of you who think you can’t save — but could if you made it a priority.

The number of people with more than $1 million in their 401(k) hit a record 233,000 at the end of 2019, up from 133,800 for the same period a year earlier, according to Fidelity Investments, one of the country’s largest administrators of workplace retirement accounts. The number of IRA millionaires increased to 208,000, also a record high.

There was also a record-setting jump in the number of million-dollar accounts in the Thrift Savings Plan (TSP), the federal government’s version of a 401(k). As of Dec. 31, there were 49,620 TSP millionaires, a 131 percent increase over the 21,432 reported at the end of 2018, according to the Federal Retirement Thrift Investment Board.

https://www.washingtonpost.com/business/personal-finance/millennials-are-racking-up-retirement-savings-in-roth-iras/2020/02/14/7f6de960-4eac-11ea-9b5c-eac5b16dafaa_story.html