401(k) Balances Swell in 2022 as Contributions and Accounts Hit New Highs
• Number of 401(k) accounts with $1M+ jumped 41% in 2022 to 422,000 accounts • Average 401(k) balance rose 14% in 2022 to $118,600 • Gen X average balance tops $500k for those saving 15+ years consecutively • 27% of participants increased contribution rates in 2022 • 73% of US workers have access to a 401(k) but only 56% participate