7 Habits of 401(k) Millionaires (That You Can Start Today)

There are roughly 595,000 Americans sitting on 401(k) balances of $1 million or more, according to Fidelity. And that number keeps climbing each year.

Most of these retirement savers aren't financial pros or lottery winners. They're just regular folks who consistently sock money away, ignore the noise, and keep their money working.

You don't need a six-figure salary or perfect timing to follow in their footsteps. You just need a few good habits that compound over time.

Let's walk through seven of them.

1. They started before they felt "ready"

Nobody is born an amazing investor. Every 401(k) millionaire you've ever heard of started with $0 the day they opened their account.

401(k)s can be confusing when you're a beginner. All the jargon, the fund options, the contribution choices -- it's a lot. But you can't let that confusion stop you from getting started, even if you don't feel ready.

It's the same with any kind of investing -- you learn as you go. The most important step isn't getting it perfect, it's just getting started. The earlier you begin, the more time your account has to grow.

2. They grab the free money first

Many companies chip in a match on your 401(k) contributions. And the millionaires make sure to grab every dollar of it.

If your budget's tight, that's okay. Even contributing just the minimum needed to earn the full match is a solid win. You can always bump it up later when things feel a little easier.

3. They slowly turned up the dial

"Maxing out" your 401(k) is the fastest way to hit millionaire status -- that means contributing the limit each year.

But that's not how most people start. When you're early in your career, saving even 5% of your paycheck can feel like a stretch. And that's totally fine.

The key is to start where you are and increase it over time. When you get a pay raise or bonus, it's a good time to give your 401(k) a little raise too. Bumping up contributions just 1% every year makes a huge difference over time.

For 2025, you can contribute up to $23,500 (or $31,000 if you're 50 or older). You don't need to hit that now -- just aim to move a little closer each year.

4. They never forget about old accounts

It blows my mind how common this is… Millions of people leave old 401(k)s behind when they change jobs and never touch them again. In fact, a recent study from Capitalize found there are about 31.9 million left-behind or forgotten 401(k) accounts holding approximately $2.1 trillion in assets.

The smart move if you want to become a 401(k) millionaire is to rollover and consolidate old accounts. Combining your old 401(k)s keeps everything growing in one place and makes it way easier to manage.

And if you want more control over your investments (and lower fees), rolling those balances into an IRA can be an even better step. Check out our picks for the best brokers for IRAs in 2025.

5. They stay invested, even when things get ugly

The biggest difference between people who build wealth and those who panic is this: the millionaires stayed put.

They don't jump in and out of the market every time things get rocky. They trust the long game. It sounds cliché, but it's true -- in the long run, time in the market beats timing the market.

The reality is, stock market slumps are actually the best time to invest more. When values are way down, it's like buying stocks on sale.

6. They check in (but don't obsess)

Patient investors review their accounts maybe once or twice a year. There's no need to check in daily or even monthly. Only once in a while to make sure the right mix of stocks and bonds still makes sense.

Think of it like getting your car serviced. You don't have to pop the hood every week. But a quick tune-up now and then keeps everything running smooth.

7. They save beyond their 401(k)

It's rare to see someone hit seven figures in a 401(k) and have nothing invested elsewhere. For a more flexible retirement it helps to build wealth across both pre-tax and post-tax accounts.

Having a mix of 401(k), IRA, and regular brokerage accounts gives you way more flexibility in retirement. You can control how and when you withdraw money, manage taxes better, and keep your investments growing even after you leave work.

Ready to start building outside your 401(k)? Check out these top picks for the best brokerage accounts in 2025.

The bottom line

You don't need to reinvent the wheel to reach 401(k) millionaire status. Just replicate the habits these folks have.

It takes hard work, time, and a good amount of patience. But it's absolutely achievable.

If you've got old 401(k)s floating around, rolling them into one account is a great first step. It keeps your money organized, easier to track, and growing toward your own million-dollar milestone.