The average Gen X savings rate now tops 15%, compared to 13.5% for millennials and 11.3% for Gen Z.

“Gen X are fully aware they are now the generation moving towards retirement, with the oldest in this segment about to turn 60,” Fidelity’s Shamrell said.

“This generation is also at the peak earning potential of their careers, and therefore may have more to contribute to retirement, including through catch-up contributions for those who meet the requirements,” he said.

Millennials and Gen Z workers are stashing more of their savings in Roth 401(k)s, and Gen Z workers are continuing to leverage target date funds, according to the report.

Meanwhile, in the “earlier you start, the better off you will be” category, when it comes to retirement savings, more than 13% of Gen Z participants in their 20s increased their contribution rate from the end of September to the end of December.

The pool of 401(k) millionaires hit an all-time high, totaling 665,000 at the end of December. That’s a sizable bump when compared to the first quarter, when 512,000 savers had at least $1 million in their nest egg.

According to the Fidelity rundown, Gen X makes up the bulk of the millionaire pool, accounting for 60.3%. Boomers make up 34.6% (because they are now pulling from their retirement), and millennials make up 4.1%.

“Historically, the 401(k) millionaires have been Gen X and boomers,” Shamrell said, “but as they are now getting further in their careers, we’re starting to see millennials reach the million-dollar milestone, which is an interesting change to note.”

Have a question about retirement? Personal finances? Anything career-related? Click here to drop Kerry Hannon a note.

If you’re investing money automatically in your employer-sponsored retirement plan or an IRA, you’re investing when the market is soaring and when it’s sliding back. That generally means the return on your investments evens out over the long haul.

Another major factor that helps keep savers steady during stock market swings: investing in target date funds. Some 63% of Fidelity savers had all their 401(k) savings in a target date fund.

When you save and invest in a target date retirement fund, your account is automatically adjusting your balance of stocks and bonds, typically both US and international, changing to a more conservative blend as the target date approaches.

Fixed-income investments are also key. Across Fidelity’s 401(k) platform, less than 7% of savers have a 100% equity allocation in their 401(k).

While stocks certainly provide the juice for investment growth in the good times, bond holdings provide the calm and consistency retirement savers depend on when economic news roils the markets.

Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including “Retirement Bites: A Gen X Guide to Securing Your Financial Future,” “In Control at 50+: How to Succeed in the New World of Work,” and “Never Too Old to Get Rich.” Follow her on Bluesky and X.

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