401(k) millionaires fell in the first quarter — but it’s not all bad news

Even in an uncertain market, saving for retirement is a ‘marathon, not a sprint,’ Fidelity says

Published: June 4, 2025 at 12:01 a.m. ET

Retirement savers mostly stayed the course in the first quarter of 2025, focusing on the long term despite market fluctuations, Fidelity said. Photo: Getty Images

Stock-market weakness in the first quarter of 2025 knocked some retirement investors out of the millionaires club, but it didn’t stop workers from saving.

The number of 401(k) millionaires fell to 512,000 at the end of the first quarter, down 4.6% from the fourth quarter, according to data released on Wednesday by Fidelity Investments. The median balance for millionaires is $1.3 million.