Number of 401(k) ‘millionaires’ just jumped by 9.5%
2 weeks, 6 days ago

Number of 401(k) ‘millionaires’ just jumped by 9.5%

CNN  

CNN — A new analysis by Fidelity Investments, one of the largest providers of 401 retirement plans, found that the number of accounts with balances topping $1 million rose by 9.5% in the third quarter. All told, of the roughly 24 million participant accounts in the 401 plans for which Fidelity serves as record keeper, 544,000 of them had balances over $1 million, up from 497,000 in the second quarter. “Consistent retirement contributions during various market cycles is important … will help set Americans up for a future of financial wellness and security.” For many 401 participants, however, their balances are far below $1 million or even half that. If auto-portability were adopted widely, it could preserve an estimated $1.6 trillion in additional retirement savings over 40 years, including $744 billion for 98 million minority job-changers, according to the Portability Services Network, a consortium of leading workplace retirement plan record keepers like Fidelity, Vanguard, TIAA and Alight as well as the Retirement Clearinghouse.

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Wall Street’s gains, more savings lift 401(k) balances
3 years, 4 months ago

Wall Street’s gains, more savings lift 401(k) balances

Associated Press  

LOS ANGELES — Solid stock market gains through much of the pandemic and workers putting more of their pay toward their golden years are paying off for many retirement savers. The average 401 plan balance grew 24% to a record $129,300 in the second quarter from a year earlier, according to a review of 19.8 million accounts by Fidelity Investments. …

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