Key Points
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Most 401(k) millionaires have contributed to their accounts for about 25 years, letting compounding grow their balances.
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Even if they start small, 401(k) millionaires steadily increase their contribution percentages over time.
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401(k) millionaires remain invested through market declines.
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According to Fidelity Investments, the number of 401(k) millionaires the firm manages surged to 769,000 in the second quarter of 2026, up 19% from the first quarter. And that’s just Fidelity. Across firms like Vanguard, BlackRock, State Street, JPMorgan Chase, Goldman Sachs, and others, the number of 401(k) millionaires is in the millions.
While some people become wealthy through inheritance or by hitting it big with a company IPO, the average millionaire followed the long, disciplined road to riches. Here’s what it took for everyday people to build such impressive portfolios.
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1. They build regular investing into their everyday lives
The average 401(k) millionaire is 59 years old and has been investing for roughly 26 years. In other words, nothing happened overnight. Those who couldn’t afford to contribute much when they were younger steadily increased their contributions over time — often by just 1 percentage point per year. That way, raises and bonuses translate into higher savings.
2. They pay themselves first
A person will always have a reason to believe they can’t afford to invest, plus about 100 other things they feel compelled to spend the money on. However, 401(k) millionaires have learned to prioritize retirement savings by paying themselves first. While learning this skill might have been tricky, it removes monthly willpower from the equation and keeps contributions flowing. One of the easiest ways to pay yourself first is through automated contributions that you can set and forget.
3. They never leave money on the table
A “secret” central to the success of 401(k) millionaires has been making sure they contribute enough to take advantage of employer matching. For example, if an employer matches 5%, investors should contribute at least 5% of their paychecks each month to capture the full match.
4. They remain invested
What these millionaires have in common is a dedication to investing, no matter what’s happening in the market. They make the same contributions month in and month out, regardless of market swings. While the desire to flee the market amid downturns may be a natural human response, these savers stay invested, knowing that doing so lets them buy high-quality assets at a bargain price. Just as importantly, staying invested allows their portfolios to grow dramatically as the market recovers.
That’s because roughly 36% of the market’s best days occurred in the first two months of a bull market, before it was even clear that a bull market had begun. If they’d left the market when things got rough, they would have missed out on low-priced assets and amplified gains as the market recovered.
5. They deliberately choose boring investments
401(k) millionaires tend to keep their investments simple. For many, low-cost index funds or target-date funds that stay broadly diversified across stocks, bonds, and sectors are enough.
The secret to becoming a 401(k) millionaire isn’t complex: Start early, increase contributions as your income grows, capture employer matches, automate savings, and stay in the market as others flee.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BlackRock, Goldman Sachs Group, and JPMorgan Chase. The Motley Fool has a disclosure policy.
