This chart makes it look pretty easy
Only about 1% of the 30 million or so people who contribute to their Fidelity retirement accounts have managed to save at least $1 million. The average 401 balance hovers around the $100,000 mark.
The problem, of course, is that so few investors actually save that much. Vanguard research shows that just 4% of those earning $50,000 and only 11% of participants earning between $50,000 and $100,000 max out contributions. The number rises to 32% for those making more than six figures. “The required returns to hit $1 million for someone who maxes out their 401 in their 30s is a fairly low hurdle rate,” Carlson pointed out. “Wait to start saving until you’re in your late-40s or 50s and it is much harder to get to seven figures.”
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