I would think another reason why so few reach $1 million is that they roll over their 401ks instead IRAs when they leave their employer. Another reason is that fewer employers offered them when they first became available. Both of these are really good points. I continue to think of money as 401k when it has been rolled to a IRA. I'm 57 and do remember the beginnings of 401ks and IRAs. There have also been rocky years where matches where suspended which may also have influenced how people chose to save or invest.
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