Number of 401K millionaires soars in last quarter 2023

[odanny]

With all the unrest in the world the American economy keeps humming along. Of course, uncertainty spooks investors, and with the uncertainty of what could happen in November, I see a downturn in the coming months, no idea of the strength of that however.




The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.

All told, there were 422,000 retirement savers in Fidelity 401(k) plans sporting balances of seven figures and beyond as of Dec. 31, up from 349,000 at the end of September and 299,000 at the end of 2022.

There were also 391,562 IRA millionaires on Dec. 31, up from 338,725 at the end of September and 280,320 at the end of December 2022.

"We are encouraged to see retirement balances increase so dramatically this quarter, reflecting the improving market conditions and enabling retirement savers to see significant gains in their account balances and retirement preparedness," Michael Shamrell, vice president of thought leadership for Fidelity Workplace Investing, told Yahoo Finance.


Retirement savers ended the year with average account balances at their highest level in nearly two years. Adding to that good juju was that more than a third of workers increased their retirement savings contribution rate in 2023.

That’s according to Fidelity’s fourth quarter analysis of savings account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

Soaring number of Americans are now 401(k) millionaires

The number of retirement savers with $1 million or more in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity.

finance.yahoo.com

 

[White 6]

With all the unrest in the world the American economy keeps humming along. Of course, uncertainty spooks investors, and with the uncertainty of what could happen in November, I see a downturn in the coming months, no idea of the strength of that however.




The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.

All told, there were 422,000 retirement savers in Fidelity 401(k) plans sporting balances of seven figures and beyond as of Dec. 31, up from 349,000 at the end of September and 299,000 at the end of 2022.

There were also 391,562 IRA millionaires on Dec. 31, up from 338,725 at the end of September and 280,320 at the end of December 2022.

"We are encouraged to see retirement balances increase so dramatically this quarter, reflecting the improving market conditions and enabling retirement savers to see significant gains in their account balances and retirement preparedness," Michael Shamrell, vice president of thought leadership for Fidelity Workplace Investing, told Yahoo Finance.


Retirement savers ended the year with average account balances at their highest level in nearly two years. Adding to that good juju was that more than a third of workers increased their retirement savings contribution rate in 2023.

That’s according to Fidelity’s fourth quarter analysis of savings account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

Soaring number of Americans are now 401(k) millionaires

The number of retirement savers with $1 million or more in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity.

finance.yahoo.com

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

 

[odanny]

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

Truth is, many Trump supporters are doing poorly, or think they are doing poorly (a clear difference, but not in their own minds) and are not part of this 401K growth phase because they are not invested in the market.

So for them, this news is totally irrelevant.

 

[Rambunctious]

With all the unrest in the world the American economy keeps humming along. Of course, uncertainty spooks investors, and with the uncertainty of what could happen in November, I see a downturn in the coming months, no idea of the strength of that however.




The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.

All told, there were 422,000 retirement savers in Fidelity 401(k) plans sporting balances of seven figures and beyond as of Dec. 31, up from 349,000 at the end of September and 299,000 at the end of 2022.

There were also 391,562 IRA millionaires on Dec. 31, up from 338,725 at the end of September and 280,320 at the end of December 2022.

"We are encouraged to see retirement balances increase so dramatically this quarter, reflecting the improving market conditions and enabling retirement savers to see significant gains in their account balances and retirement preparedness," Michael Shamrell, vice president of thought leadership for Fidelity Workplace Investing, told Yahoo Finance.


Retirement savers ended the year with average account balances at their highest level in nearly two years. Adding to that good juju was that more than a third of workers increased their retirement savings contribution rate in 2023.

That’s according to Fidelity’s fourth quarter analysis of savings account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

Soaring number of Americans are now 401(k) millionaires

The number of retirement savers with $1 million or more in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity.

finance.yahoo.com

People hiding money in 401ks because they have a fear of investing and or losing it does not bold well for the economy...

 

[Rambunctious]

I'm keeping my money in a 401k too... with the IRS on the march across America and tax rates climbing in states as well as the nation you would be a fool to risk it today...

 

[Rambunctious]

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

So infantile as not to be funny...

 

[odanny]

People hiding money in 401ks because they have a fear of investing and or losing it does not bold well for the economy...

 

[Rambunctious]

View attachment 909333

damnn you are ugly.... that shirt doesn't even fit....

 

[Dont Taz Me Bro]

View attachment 909333

He has no idea. It was the MAGA defense mechanism kicking in.

 

[MarathonMike]

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

Are you serious? The majority of Americans are living paycheck to paycheck and are not in a position to benefit from the stock market like those of us who are.

 

[Lisa558]

So infantile as not to be funny...

Yup.

1. Just because 2% or so of adults have a million dollars in Fidelity doesn’t mean that the LARGEST bloc of voters - the 40% or so who have high school diplomas and members of the working class - aren’t struggling to put gas in the tank and groceries on the table.

2. People with a million dollars, although not struggling, are still very aware that their basic living costs have gone up by almost 20% under Biden, and aren’t happy about it.

Dems are panicking. Biden has made a mess of things and now they’re grasping at straws to fool people into thinking the economy is good.

 

[Oddball]

With all the unrest in the world the American economy keeps humming along. Of course, uncertainty spooks investors, and with the uncertainty of what could happen in November, I see a downturn in the coming months, no idea of the strength of that however.




The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.

All told, there were 422,000 retirement savers in Fidelity 401(k) plans sporting balances of seven figures and beyond as of Dec. 31, up from 349,000 at the end of September and 299,000 at the end of 2022.

There were also 391,562 IRA millionaires on Dec. 31, up from 338,725 at the end of September and 280,320 at the end of December 2022.

"We are encouraged to see retirement balances increase so dramatically this quarter, reflecting the improving market conditions and enabling retirement savers to see significant gains in their account balances and retirement preparedness," Michael Shamrell, vice president of thought leadership for Fidelity Workplace Investing, told Yahoo Finance.


Retirement savers ended the year with average account balances at their highest level in nearly two years. Adding to that good juju was that more than a third of workers increased their retirement savings contribution rate in 2023.

That’s according to Fidelity’s fourth quarter analysis of savings account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

Soaring number of Americans are now 401(k) millionaires

The number of retirement savers with $1 million or more in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity.

finance.yahoo.com

In terms of money that has never been worth less.

 

[Rambunctious]

Yup.

1. Just because 2% or so of adults have a million dollars in Fidelity doesn’t mean that the LARGEST bloc of voters - the 40% or so who have high school diplomas and members of the working class - aren’t struggling to put gas in the tank and groceries on the table.

2. People with a million dollars, although not struggling, are still very aware that their basic living costs have gone up by almost 20% under Biden, and aren’t happy about it.

Dems are panicking. Biden has made a mess of things and now they’re grasping at straws to fool people into thinking the economy is good.

In good or better times they may have invested that money and provided good jobs... in times of bad economic conditions we always see saving accounts growing.... including 401ks....

 

[odanny]

Are you serious? The majority of Americans are living paycheck to paycheck and are not in a position to benefit from the stock market like those of us who are.

There are no shortage of jobs, just a shortage of skills and work ethic.

 

[Natural Citizen]

I'm keeping my money in a 401k too... with the IRS on the march across America and tax rates climbing in states as well as the nation you would be a fool to risk it today...

401k is itself still taking a beating regardless.

They're hitting us in every way they can.

 

[Rambunctious]

He has no idea. It was the MAGA defense mechanism kicking in.

Really?... explain it then smart guy... lets see your two cents on the table... I have money I consider to be investment funds... I don't dare invest a dime of it in this economy....

 

[Rambunctious]

There are no shortage of jobs, just a shortage of skills and work ethic.

Did you know 80% of new jobs are going to people who were not born here?....

 

[odanny]

Really?... explain it then smart guy... lets see your two cents on the table... I have money I consider to be investment funds... I don't dare invest a dime of it in this economy....

That attitude has cost you a lot of money. Stubborness and partisanship are detrimental to investing.

 

[Rambunctious]

401k is itself still taking a beating regardless.

They're hitting us in every way they can.

I was told that money market accounts is the way to go...

 

[Oddball]

401k is itself still taking a beating regardless.

They're hitting us in every way they can.

And them being worth $1 million and more just means that there's more for the IRS looters to lay rapacious hands on.

When those and IRAs came online, I properly had them sniffed out as the tax scams it's now clearly evident that they are.