Last year saw a record high in the number of 401(k) millionaires, up 27% to 537,000 people. For more on nurturing one's retirement nest egg, especially in a volatile market, Fidelity Investments vice president for workplace thought leadership Mike Shamrell joins Madison Mills on Wealth with some insight.
401(k) millionaires make up a small percentage of all 401(k) investors, Shamrell clarifies, but their excellent savings behaviors are attainable and can be adopted by anybody.
The first characteristic of a 401(k) millionaire is "saving for a really long time," Shamrell says, at an average of approximately 26 years. He emphasizes "staying the course" and "taking a long-term approach" as non-negotiable in retirement savings best practice.
Additionally, 401(k) millionaires are "pretty aggressive savers" and "not necessarily afraid of equities ... they're invested in the market," Shamrell tells Yahoo Finance, elaborating further in the video above.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
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This post was written by Sydney Strauss