US. 49% of workers think they can meet their retirement goals — 35% say they will need over $1 million to retire comfortably

By some measures, retirement savers, overall, are doing well. As of the second quarter of 2024, 401(k) and individual retirement account balances notched the third-highest averages on record, helped by better savings behaviors and positive market conditions, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. The number of 401(k) millionaires also hit a new all-time high. The average 401(k) contribution rate, including employer and employee contributions, now stands at 14.2%, just below Fidelity’s suggested savings rate of 15%. Yet there is still...