The number of people with $1 million or more in their 401(k) rose to 157,000 at the end of the first quarter, a 45 percent jump from last year, according to Fidelity Investments, one of the biggest administrators of workplace retirement accounts.

However, those who've managed to sock a million dollars or more away for their golden years have worked long and hard while planning ahead, CBS News explained.

Fidelity's internal analysis found most frugal savers have been saving for about 30 years. Workers who've saved 15 years had an average balance of $379,600, up from $330,200 a year ago, CBS News explained.

Employees who've saved in a company's 401(k) plan for a decade held an average of $290,100, a record-high balance and up from $250,500 a year earlier.

"It's important to take a long-term approach to retirement savings," Kevin Barry, president of workplace investing at Fidelity Investments, said in a statement. "Making regular contributions over time is a key part of building your savings, especially a retirement nest egg."

"Despite some market volatility at the beginning of 2018, retirement savers stayed on track and continued to contribute to their IRAs and workplace savings plans," said Barry. "In addition, an increasing number of savers are contributing to both their IRA and workplace savings plan. Combining the benefits of these two savings vehicles helps build a diversified retirement savings strategy and can provide a significant boost to an individual's retirement savings efforts."

Despite the glimmer of optimism on the retirement front, most Americans face a dim future in their retirement if they don't change their strategy soon.

Northwestern Mutual's 2018 Planning & Progress Study, which surveyed 2,003 adults, found that 21 percent of Americans have nothing saved at all for their golden years, and a third of Americans have less than $5,000.

To put that into perspective, 31% of adults would last only a few months on their savings if they suddenly retired, USA Today recently reported.

The average amount Americans have socked away for the future is slightly higher, but it's still just $84,821 — far less than the $1 million typically recommended by experts to supplement Social Security, pensions, and other funds.

(Newsmax wire services contributed to this report).

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