More millennials are breaking their way into the 401(k) millionaire club than ever. How you can steal their strategy

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.

Ever since coming of age in the wake of the 2008 financial crisis, millennials have struggled to get ahead. Whether facing a bleak job market, a housing affordability crisis, or dealing with crushing student loan debt, this generation has overcome a great deal to find their financial footing.

But lately their efforts have been paying off, albeit slowly. A Fidelity Investments report from earlier this year shows the number of 401(k) millionaires reached 645,000 (1). That's a 26% increase from the year before, which Fidelity attributes to both steadier worker contribution rates and years of market gains. And millennials are finally showing up in that club, even if only in small numbers so far.

Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold

The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes

While savers aged 29 to 44 represent roughly 4% of Fidelity's 401(k) millionaires as of the end of 2025, the fact that any have gotten there in their 30s and 40s is impressive (2). And with the right approach, you can, too.

Americans hit record savings rates in 2025, according to Fidelity's latest retirement analysis. Nearly one in five millennial 401(k) savers managed to increase their savings rate last year — while employer contribution rates clocked a record high of $2,080.

Another Fidelity analysis reviewing Q2 data shows millennials now hold an average $82,600 in their 401(k)s (3).

Meanwhile, balances are particularly up among savers who've been continuously funding their 401(k)s for many years. The average balance for a millennial worker who's been saving in their 401(k) for 15 years grew to $391,300. This tells us that the average 401(k) millionaire has likely been funding their account for a considerably longer period of time.

Among millennials, the average 401(k) balance now sits at $82,600. Given that the oldest millennials are still just halfway through their careers and the youngest have the majority of their working years ahead of them, it's fair to assume that the average balance among 28- to 43-year-olds will continue to grow over time.