A record number of millionaires created in US by rock-solid 401(k) market (Jasmine Fernández, 04 September 2026, Independent)
Despite persistent cost-of-living pressures, workers maintained historically high savings habits. The average employee 401(k) contribution rate remained steady at a record 9.6 percent in the second quarter.
Michael Shamrell, vice president of thought leadership at Fidelity Investments, told CBS News that most 401(k) millionaires achieved their balances through long-term consistency rather than market timing.
“It’s not that they have reached that — it’s how they did it,” Shamrell said. “What was their behavior? One is just saving for a long time.”