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Thread: Record number of 401(k) and IRA millionaires

  1. #1

    Default Record number of 401(k) and IRA millionaires

    There’s now a record number of 401(k) and IRA millionaires, according to Fidelity

    Fidelity says a record 441,000 IRA or 401(k) accounts it manages had balances of $1 million or more.

    The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

    The average 401(k) balance rose to a record $112,300, a 7% increase from last quarter’s balance of $105,200.

    Employees are saving more: One-third of plan participants increased the amount they were saving by an average of 3%.

    https://www.cnbc.com/2020/02/13/fide...lionaires.html


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  3. #2

    Default Re: Record number of 401(k) and IRA millionaires

    Well, comparing that to the latest figures of TSP millionaires: https://www.tsptalk.com/mb/tsp-talk-...lionaires.html

    gives us 49,620 millionaires out of 5,677,989 participants. That puts the government figure at only 0.87% compared to Fidelity's 1.6%.

    Remember that the next time someone says we get payed too much.

    P.S. The government also auto-enrolls new employees now.
    Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2022
    Past Returns:
    2019 27.97%, 2018 -3.36%, 2017 13.10%, 2016 -1.79%, 2015 8.71%,5Yr Avg 8.35%

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  5. #3

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    Default Re: Record number of 401(k) and IRA millionaires

    Boomers — they are now 56 to 74 years old — have an average balance of $210,400, but it’s well-known that small groups of super-savers — the 401(k) millionaires — push the averages up.

    The median — where half have more and half have less — is a far-more modest $69,900. “As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more,”
    Also missing is the part where employee stock options, company stock, 2x, 3x levered funds can cut both ways.

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