Number of 401K millionaires soars in last quarter 2023

[Lisa558]

It's deceptive to claim your money is worth 20% less. First, it depends on how you spend your money. If most of your income goes for food and gasoline, that figure is probably correct. However, if most of your income goes to healthcare, taxes, retirement, and other investment then those dollars are buying only slightly less than before the inflation.

Secondly, wage increases and cost of living adjustments are reducing the effect of inflation. Many retirement systems including Social Security adjust benefits for inflation.

The overall increased cost of goods and services has a circular effect on wages. Higher wages will eventually compensate for the increased prices of consumer goods and services. Until last March, the growth rate of wages was less than the inflation rate. Since March the growth rate of wages have exceeded the inflation rate. Today wage increase are running 1.5% higher than the inflation rate. So most people will eventfully be compensated for the inflation.

Close to half the population rent, and the rents have gone skyhigh, along food, gasoline, and other necessities. That’s why a majority of Americans are stressed financially, and about 40% are actuallt struggling.

So the Dems’ desperate claim that the economy is strong won’t work. People go to the supermarket, and to the gas station. They’ve seen their rents go way up. So, to quote Judge Judy “don’t pee on their legs and tell them it’s raining.”

The people who aren’t impacted fall on both extremes of the scale: the affluent elitists on one hand, and the government-dependent class on the other.

The middle class, and in particular the working class, are suffering under the high inflation period we just went through - and the constitute the largest voting bloc. And they’re not happy.

 

[odanny]

I know….I feel uneasy about it too. It won’t matter to Democrats that most Americans prefer Trump, the rulers will find a way to manipulate out a win.

And they accuse US of being the dangers to democracy?!

A majority of Americans hate Trump, as you’ll see in November

 

[odanny]

Dow up 8,000 points does not mean (in general) investments are down or just getting back to where they were.

My 401K's have grown significantly since FPOTUS#45 left office.

My 401K + Social Security + Military Retirement means that when I retire actual disposable income will actually INCREASE for us in retirement.

Not giving you "financial advice", but then again I probably wouldn't take yours either.

WW

I took more out of my 401K in 2023 than I made working in a fiscal year the previous 29 years.

The best part though is my balance did not change AT ALL thanks to gains and I also got the biggest tax return I’ve ever gotten.

 

[Lisa558]

A majority of Americans hate Trump, as you’ll see in November

He’s polling in the lead, INCLUDING in key swing states.

Trump leads Biden in 7 crucial swing states: Bloomberg-Morning Consult poll

Trump is defeating Biden in seven battleground states including Michigan, Georgia, Wisconsin, Arizona, Nevada, North Carolina, and Pennsylvania.

thepostmillennial.com

 

[odanny]

He’s polling in the lead, INCLUDING in key swing states.

Trump leads Biden in 7 crucial swing states: Bloomberg-Morning Consult poll

Trump is defeating Biden in seven battleground states including Michigan, Georgia, Wisconsin, Arizona, Nevada, North Carolina, and Pennsylvania.

thepostmillennial.com

You know that doesn’t matter, right? All it is going to take is one or two batshit crazy statements come October and a majority of Americans will again reject him.

Yes there will be riots and violence but this time the police and military will be ready for the insurrectionists.

 

[Lisa558]

You know that doesn’t matter, right? All it is going to take is one or two batshit crazy statements come October and a majority of Americans will again reject him.

Yes there will be riots and violence but this time the police and military will be ready for the insurrectionists.

Nope, all it will take is a single debate, and nobody in his right mind would vote for Biden.

And there was no insurrection. But I DO worry about the violence that will erupt from the Left when they lose. We’ve already seen from BLM riots how savage they become.

 

[odanny]

Nope, all it will take is a single debate, and nobody in his right mind would vote for Biden.

And there was no insurrection. But I DO worry about the violence that will erupt from the Left when they lose. We’ve already seen from BLM riots how savage they become.

You’re confusing BLM with political insurrectionists who violently attacked the Capitol when spurred on by Trump and his lackeys.

Apples and oranges

 

[Lisa558]

You’re confusing BLM with political insurrectionists who violently attacked the Capitol when spurred on by Trump and his lackeys.

Apples and oranges

You’re confused about what an insurrection is.

The point Is that based on the behavior of leftists - as witnessed during the BLM summer riots - if your side loses, it will be much worse than some people walking into the Capitol, after the cops let them in.

DC will be on fire. Are you too young to remember DC riots in ‘68 after MLK was killed? I was just a kid, but 10 years later, when I was in college, you could still see the burned out buildings. Leftists are MUCH more violent and savage.

 

[Flopper]

Close to half the population rent, and the rents have gone skyhigh, along food, gasoline, and other necessities. That’s why a majority of Americans are stressed financially, and about 40% are actuallt struggling.

So the Dems’ desperate claim that the economy is strong won’t work. People go to the supermarket, and to the gas station. They’ve seen their rents go way up. So, to quote Judge Judy “don’t pee on their legs and tell them it’s raining.”

The people who aren’t impacted fall on both extremes of the scale: the affluent elitists on one hand, and the government-dependent class on the other.

The middle class, and in particular the working class, are suffering under the high inflation period we just went through - and the constitute the largest voting bloc. And they’re not happy.

You ignore the other side of the equation, increasing wages and other sources of income which are increasing at a faster rate than inflation.

 

[Lisa558]

You ignore the other side of the equation, increasing wages and other sources of income which are increasing at a faster rate than inflation.

Wages are NOT keeping pace with inflation.

Face it, Middle America is having a tough time with Bidenomics.

 

[Flopper]

Wages are NOT keeping pace with inflation.

Face it, Middle America is having a tough time with Bidenomics.

Middle America is having a though time because Trump says they are and if Trump says so, they believe it.

 

[MarathonMike]

Close to half the population rent, and the rents have gone skyhigh, along food, gasoline, and other necessities. That’s why a majority of Americans are stressed financially, and about 40% are actuallt struggling.

So the Dems’ desperate claim that the economy is strong won’t work. People go to the supermarket, and to the gas station. They’ve seen their rents go way up. So, to quote Judge Judy “don’t pee on their legs and tell them it’s raining.”

The people who aren’t impacted fall on both extremes of the scale: the affluent elitists on one hand, and the government-dependent class on the other.

The middle class, and in particular the working class, are suffering under the high inflation period we just went through - and the constitute the largest voting bloc. And they’re not happy.

This thread illustrates how detached Democrat supporters are from reality, and sadly how non-empathetic they are toward Americans less fortunate than them. "SUCKS TO BE YOU" is one of their favorite sayings.

 

[Harpy Eagle]

This thread illustrates how detached Democrat supporters are from reality, and sadly how non-empathetic they are toward Americans less fortunate than them. "SUCKS TO BE YOU" is one of their favorite sayings.

They learned it from the right that say that to poor people anytime there is not a Repub sitting in the white house.

 

[odanny]

Man, all this doom and gloom from Trump supporters.

Lighten up, Francis!

 

[Flopper]

This thread illustrates how detached Democrat supporters are from reality, and sadly how non-empathetic they are toward Americans less fortunate than them. "SUCKS TO BE YOU" is one of their favorite sayings.

The economy is not particular bad or good. It is mixed. The stock market is doing well, inflation is under control at 3.2% well below the 50 year average of 3.8%. Gasoline is down 43 cents a gallon compared to 2022. Food which rose 9.9% in 2022 rose only 5.2% in 2023 and is expected to rise no more 3% in 2024. Wage increases exceed inflation in 2023. Employers add 2.7 million new jobs. GDP Growth ended 2023 at 3.2% under the 50 year average of 3.8%. Personal income at the end of 2023 was at an all time high.

 

[Winco]

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

Just caught this GEM. ^^^^^^ WTF....putting money in 401K's is the definition of "Investing"

Idiot Post of the Decade.
To your Rambunctious benefit, the Decade is only 1/3 over.
There is Still a chance for someone to put you in 2nd to last.

 

[Harpy Eagle]

Just caught this GEM. ^^^^^^ WTF....putting money in 401K's is the definition of "Investing"

Idiot Post of the Decade.
To your Rambunctious benefit, the Decade is only 1/3 over.
There is Still a chance for someone to put you in 2nd to last.

That was an all time classic post, that is for sure. Nobody is surprised it was Rambo that made it

 

[Blaster]

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

Some folks like me are doing well but a majority of middle class Americans are struggling. Food prices are incredibly high and getting higher.

 

[Harpy Eagle]

Some folks like me are doing well but a majority of middle class Americans are struggling. Food prices are incredibly high and getting higher.

crazy how not one single person on this forum is struggling, yet we are told the majority of Americans are

 

[Blaster]

crazy how not one single person on this forum is struggling, yet we are told the majority of Americans are

I'm sure there are quite a few members here that are struggling.