Number of 401K millionaires soars in last quarter 2023

[Harpy Eagle]

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

Yet none have ever admitted to doing so.

Why is it you are not suffering during this terrible economic times?

 

[Blaster]

Yet none have ever admitted to doing so.

Why is it you are not suffering during this terrible economic times?

I am a shrewd investor and not soley reliant on the stockmarket for financial benefit. Many Americans are totally invested in the stockmarket and are at the whim of down cycles.

 

[odanny]

Many Americans are totally invested in the stockmarket and are at the whim of down cycles.

You clearly are spreading more bullshit, do you realize the inverse would be true of what you posted based on the current state of the stock market? The only reason my stocks started going down was because of the uncertainty of the election, but I saw that coming long ago. If Americans are hurting so bad, it is not because of market performance.

The actual truth is the majority of Americans are hurting because they are not invested in the stock market. More than half of Americans are and we are not crying about tough times. For the sake of those crybabies I hope they don't see the times of our ancestors, because they will melt overnight.

 

[Blaster]

You clearly are spreading more bullshit, do you realize the inverse would be true of what you posted based on the current state of the stock market? The only reason my stocks started going down was because of the uncertainty of the election, but I saw that coming long ago. If Americans are hurting so bad, it is not because of market performance.

The actual truth is the majority of Americans are hurting because they are not invested in the stock market. More than half of Americans are and we are not crying about tough times. For the sake of those crybabies I hope they don't see the times of our ancestors, because they will melt overnight.

You are an ignorant investor.

 

[Rambunctious]

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

Hey harpy.... real investing goes on in good economies when people feel safe enough to start a business and hire smucks like you.... that's investing risk capital which no one is doing now and why the jobs numbers aren't as good as expected who wants to hire people today?...

 

[Harpy Eagle]

Hey harpy.... real investing goes on in good economies when people feel safe enough to start a business and hire smucks like you.... that's investing risk capital which no one is doing now and why the jobs numbers aren't as good as expected who wants to hire people today?...

spin little buddy, spin...

 

[Rambunctious]

spin little buddy, spin...

Do you sit on that?....

 

[Flopper]

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

So are wages. Last week I paid $760 to get my heating system fixed. It took one hour and a half. The technician replace a small plastic value that look like it is should cost no more $10. I paid $220 for it and $540 labor for an hour and half.

Two months ago when I was out of town, the bathroom faucet started leaking. My wife thinking she would get it fix so I would not have to do it when I returned, so she call a plumber. He charged her $430 to change the faucet cartridge which was insane. I checked at home depot and the price was $29.95 for the cartridge and it has never taken me more than a half hour to change a cartridge.

 

[Flopper]

Yet none have ever admitted to doing so.

Why is it you are not suffering during this terrible economic times?

I have never actually heard anyone say they were sufferings financially. I've heard many politicians use the term financially suffering. In this country no one needs to go without food, water, or shelter unless they chose to do so. There are plenty of social agencies to help those in need. There are 8.9 million full time jobs that are unfilled.

What financially hurting means today, is no vacation this summer, no new house, no new car, no Friday night partying with guys, etc. The people that complain about not enough money are always complaining regardless of what the economy is doing. There will never be enough.

 

[odanny]

You are an ignorant investor.

Do you ever say anything relevant or factual? You’re not even good at trolling.

 

[odanny]

Two months ago when I was out of town, the bathroom faucet started leaking. My wife thinking she would get it fix so I would not have to do it when I returned, so she call a plumber. He charged her $430 to change the faucet cartridge which was insane. I checked at home depot and the price was $29.95 for the cartridge and it has never taken me more than a half hour to change a cartridge.

This is the rapacious pricing that is killing Americans, to say nothing of the rents that have gone astronomical, what many don’t know is Wall Street hedge funds have bought up entire neighborhoods and have turned what were once locally owned neighborhoods into overpriced rental units.

 

[frigidweirdo]

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

The rich get richer, and the poor get poorer. Modern America.

 

[odanny]

The rich get richer, and the poor get poorer. Modern America.

How much worse is it gonna get before it all goes sideways? Trump has shown how easy this is to make happen.

 

[frigidweirdo]

How much worse is it gonna get before it all goes sideways? Trump has shown how easy this is to make happen.

I think it'll just keep getting worse and when it stops getting worse it's because the shit truly hit the fan

 

[Blaster]

Do you ever say anything relevant or factual? You’re not even good at trolling.

You are just jealous because I'm so much smarter than you are.

 

[Harpy Eagle]

The rich get richer, and the poor get poorer. Modern America.

been that way since America was founded.

 

[Harpy Eagle]

You are just jealous because I'm so much smarter than you are.

One trait all smart people have is they never need to tell anyone how smart they are, it is self evident.

As soon as someone starts telling people they are smart, you know they are not

 

[leftwinger]

I think it'll just keep getting worse and when it stops getting worse it's because the shit truly hit the fan

non-working Single mothers get nearly $48K in overall annual aid In most commee states in the USA. Is that not enough for you Karl?

 

[leftwinger]

I remember my Trump peak in my IRA. I moved it all to a “new” account in MAR 2021….slightly more heavy in Bonds. 2022 -22% was a crash IMVHO. Still not back to Trump peak. And the last two down days last week did not help.

more sideways struggling .obiden malaise like 2015 2016 after GOVT spending got swamped out by interest payments (and never a real budget, just continuing resolution). wasted three years so far under this criminal takeover.//

 

[Blaster]

One trait all smart people have is they never need to tell anyone how smart they are, it is self evident.

As soon as someone starts telling people they are smart, you know they are not

You don't know jack shit. You are just another low IQ person pretending to be smart.