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Secrets of the 401(k) millionaires

Though the recession has weakened returns and made saving harder for families, many people still aren't taking full advantage of 401(k) benefits. But is a $1 million balance possible for an employee making $35,000 a year? Perhaps.

By BenefitsPro staff | Updated on January 17, 2012

According to research from the Employee Benefit Research Group, only 0.2 percent of savers have managed to sock away more than $1 million in their 401(k)s. Most people are closer to the average balance of roughly $60,000.

What are they doing differently? They don’t necessarily have high incomes or brilliant investing skills, experts say. Instead, they’re putting a larger percentage of money away, on a more frequent basis, than their peers.

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