Are YOU a 401(K) millionaire? Savers with seven-figures in their retirement accounts swelled by 100,000 in 2023 - and one woman tells how she is on track despite starting on $22k a year
1 year, 2 months ago

Are YOU a 401(K) millionaire? Savers with seven-figures in their retirement accounts swelled by 100,000 in 2023 - and one woman tells how she is on track despite starting on $22k a year

Daily Mail  

And 339,000 of workers with an IRA have a seven figure balance, figures show The number of savers with $1 million in their retirement accounts ballooned by around 100,000 people in 2023 - thanks to a booming stock market. Some 349,000 401 owners and 339,000 workers with an Individual Retirement Accounts ended the year with seven-figure balances, according to Fidelity Investments. The number of savers with $1 million in their retirement accounts ballooned by around 100,000 people in 2023 as they were bolstered by a booming stock market A 401 is an employer- By comparison IRAs can be opened by anybody including freelance workers. Caroline Eby, 57, pictured, told DailyMail.com that she is edging closer to the $1 million mark - despite never earning more than $80,000 in her life It comes after experts broke down the amount needed to stash away each month to generate a comfortable nest egg - depending at what age you start And it may not be as arduous as it seems.

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History of this topic

401(k)s did well in 2024, but not just due to market gains. You deserve credit, too
3 weeks, 1 day ago

401(k)s did well in 2024, but not just due to market gains. You deserve credit, too

CNN  

CNN — Last year was a pretty good year if you were among the tens of millions of employees who put their savings to work in a 401 plan. Based on the latest data from Fidelity and Vanguard, in 2024 many employees increased their savings rates, participants stayed diversified, and the vast majority didn’t tap their accounts for a loan …

Number of 401(k) ‘millionaires’ just jumped by 9.5%
3 months, 3 weeks 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 …

This 401(k) alternative has helped US workers save more than $1.7 billion so far
4 months, 1 week ago

This 401(k) alternative has helped US workers save more than $1.7 billion so far

CNN  

CNN — By some estimates, almost half of US private sector workers — close to 57 million people, according to AARP — do not have access to a retirement plan at their jobs. And two new auto IRA analyses released this week — by the Pew Retirement Savings Project and by Gusto, a payroll and HR software provider for small …

Retirement accounts saw solid growth thanks to Wall Street gains
6 months, 4 weeks ago

Retirement accounts saw solid growth thanks to Wall Street gains

LA Times  

Savers with retirement accounts benefited from strong growth on Wall Street this year. The average 401 plan balance stood at $127,100 at the end of the second quarter, an increase of 13% from the same period last year, according to data from Fidelity Investments drawn from 24 million accounts. The median 401 plan balance was just $29,200 at the end …

Staggering one in five Americans say they will NEVER be able to retire and only 36% of people aged 55 and older say they'll be able to retire when they had planned
1 year, 8 months ago

Staggering one in five Americans say they will NEVER be able to retire and only 36% of people aged 55 and older say they'll be able to retire when they had planned

Daily Mail  

One in five Americans think they will never retire, according to a new poll. Almost half the respondents under 55, around 44 percent, said they have had to change their retirement plans due to economic factors out of their control and only 36 percent older than 55 thought they would be able to retire when they had planned. Many people …

Americans saved less for retirement last year, Vanguard says
1 year, 9 months ago

Americans saved less for retirement last year, Vanguard says

Daily Mail  

Americans' retirement savings took a hit last year in a troubling sign for workers, according to a new report from investment firm Vanguard. In 2022, the average 401 account balance for Vanguard participants was $112,572, down 20 percent from the $141,542 average recorded in 2021 Vanguard said that, despite significant market uncertainty last year, nearly a quarter of participants saved …

America's retirement divide: How CEOs will earn more per month than workers make in a year
1 year, 9 months ago

America's retirement divide: How CEOs will earn more per month than workers make in a year

Daily Mail  

Executives at large firms often benefit from 'top hat' plans with a host of better tax benefits than standard 401s Wealthy CEOs at America's largest firms are on track to net monthly retirement checks worth up to 38 times the average annual salary of their employees, a new report lays bare. Researchers say a 'double standard' is emerging in America's …

Bitcoin in 401(k) becomes reality for more, despite warnings
2 years, 11 months ago

Bitcoin in 401(k) becomes reality for more, despite warnings

Associated Press  

NEW YORK — More workers may soon be able to stake some of their 401 retirement savings to bitcoin, as cryptocurrencies crack even deeper into the mainstream. Retirement giant Fidelity said Tuesday that it’s launched a way for workers to put some of their 401 savings and contributions directly in bitcoin, potentially up to 20%, all from the account’s main …

Bitcoin in 401(k) becomes reality for more workers
2 years, 11 months ago

Bitcoin in 401(k) becomes reality for more workers

Al Jazeera  

Retirement giant Fidelity says it has launched a way for US workers to put some of their 401 directly in Bitcoin. Retirement giant Fidelity said Tuesday that it’s launched a way for workers to put some of their 401 savings and contributions directly in Bitcoin, potentially up to 20 percent, all from the account’s main menu of investment options. The …

Wall Street’s gains, more savings lift 401(k) balances
3 years, 7 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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