A record number of 401(k) investors have become millionaires, with 595,000 reaching this milestone in the second quarter. The median balance among these millionaires is $1.4 million, with most having saved consistently for 25 years through market fluctuations. The stock market’s performance also boosted average retirement account balances to new highs.

Despite market volatility, average 401(k) balances rose by 8% from a year earlier to $137,800, with a median balance of $32,300. The average 403(b) balance increased by 9% to $125,400, and the average IRA balance increased by 5% to $131,366. Only 5.5% of savers made changes to their asset allocation in the second quarter.

Retirement savers are encouraged to stay the course and focus on long-term goals, as short-term market events can lead to unnecessary changes. The total average 401(k) savings rate remained at 14.2%, close to Fidelity’s suggested rate of 15%. IRA contributions have stayed steady, but Gen X-ers and baby boomers are increasing their contributions.

The share of workers with outstanding loans on their Fidelity 401(k) accounts rose to 19% in the second quarter. This highlights the importance of emergency funds to avoid tapping into retirement savings for unexpected expenses. It’s crucial to prioritize long-term retirement savings and avoid unnecessary withdrawals.

Read more at Yahoo Finance: 401(k) millionaires reach an all-time high. Here’s the No. 1 thing most Gen Xers and boomers did to get there.