Number of 401K millionaires soars in last quarter 2023

[Lisa558]

Just stop already. I don't have that much money and while I notice things in the grocery store are more expensive, my other expenses have not changed much. My electric and food bill is the same, my taxes are the same, and gas is around where it usually is. I'm not feeling any different financially.

Your doom and gloom pronouncements are about as truthful as the man you worship running for President.

YOU just stop. The majority of people are feeling stressed financially, and 40% are actually struggling.

And your “truth” is just as bad as Biden’s.

 

[odanny]

YOU just stop. The majority of people are feeling stressed financially, and 40% are actually struggling.

People have always felt stressed financially, mainly because of high rents and medical expenses, to include just making monthly payments for medical insurance.

What does a President do? He sets an economic agenda that provides jobs for people, and he has done this amazingly well. Record breaking.

Take a moment to be grateful for President Joseph Biden.

 

[Andrew_Jackson_FTW]

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.

Nearly Half of Americans Don’t Own Any Stocks — 5 Reasons To Start Now

Investing in stocks means purchasing shares of ownership in a public company. If the company performs well, you make money. But of course, there's also the risk of losing money if the company does not...

finance.yahoo.com

About half of the American people do not own any stocks. It’s occurring across the political aisle.

 

[Andrew_Jackson_FTW]

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[White 6]

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Dash Dash Dot, as the letter "G"?

 

[jbrownson0831]

YOU just stop. The majority of people are feeling stressed financially, and 40% are actually struggling.

And your “truth” is just as bad as Biden’s.

Brainwashed goofs. Everything is more expensive and Biden made it so.

 

[multivita-man]

This is such a bullshit debt-fueled economy. It's going to come crashing down eventually.

That's not a political statement; it's an economic reality - just hasn't happened yet.

 

[Captain Caveman]

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...

For us not living in the US, what's a 401k

 

[Lisa558]

For us not living in the US, what's a 401k

It’s a retirement fund, jointly funded by an employer and employee.

 

[Captain Caveman]

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

So let me figure this out. The Dems are championing a fantastic Biden economy creating hundreds of more millionaires, but in the same breath, they dislike millionaires and billionaires and want them to pay more tax for the poor?

Can you see the irony in this too?

 

[Captain Caveman]

It’s a retirement fund, jointly funded by an employer and employee.

Ah right, a private pension

 

[Rambunctious]

For us not living in the US, what's a 401k

A tax safe retirement savings account often a combined or total contribution by the employer....

 

[Captain Caveman]

A tax safe retirement savings account often a combined or total contribution by the employer....

In the UK, there's the state pension, long story short, the value at state pension age was based on your contributions (National Insurance) and wages through your employer(s) PAYE (Pay As You Earn) accounts. You could also have a private pension that you paid into. Some/many companies offered/provided a pension that they contributed to, but you couldn't pay into a company's pension and private one at the same time.

Then, companies are now forced to offer a pension. So a company has to tell a Pension Body the pension fund and employees. The PB writes to the employee if they want to join, it's not up to the employer. The employee can opt not to join. The pension fund has to be recognised by the PB, called a Nest pension. Then the employer and employee contribute a certain percentage if he/she opts in. This percentage is set to increase.

My prediction is, the government wans to scrap state pensions, so there will be a time where employees are in employer's pensions on higher contribution percentages.

Two things will happen. Automation increases further and there will be no full-time jobs. In fact, self employment/sub contracting will be enforced. Then the government will have to phase on clamp downs on that.

 

[Rambunctious]

In the UK, there's the state pension, long story short, the value at state pension age was based on your contributions (National Insurance) and wages through your employer(s) PAYE (Pay As You Earn) accounts. You could also have a private pension that you paid into. Some/many companies offered/provided a pension that they contributed to, but you couldn't pay into a company's pension and private one at the same time.

Then, companies are forced to offer a pension. So a company has to tell a Pension Body the pension fund and employees. The PB writes to the employee if they want to join, it's not up to the employer. The employee can opt not to join. The pension fund has to be recognised by the PB, called a Nest pension. Then the employer and employee contribute a certain percentage of he/she opts in. This percentage is set to increase.

My prediction is, the government wans to scrap state pensions, so there will be a time where employees are in employer's pensions on higher contribution percentages.

Two things will happen. Automation increases further and there will be no full-time jobs. In fact, self employment/sub contracting will be enforced. Then the government will have to phase on clamp downs on that.

That seems closer to our social security program... 401Ks are different because you are in control of the account...

 

[Captain Caveman]

That seems closer to our social security program... 401Ks are different because you are in control of the account...

I pay into a private pension, I can fix and change the monthly contribution to what I want, as long it's below the monthly wage that I claim to the taxman. The taxman then contributes 20%. I also pick and choose where the funds are invested, from low risk to high risk areas.

Pension companies invest funds to make a profit to pay pensions. Many shopping areas/malls are owned by pension companies to reap the rents. Today's generation think it's fantastic to use Amazon because they're cheap. But shops close, malls close, pension company income falls, pensions get shit, today's generation cry because pensions are shit.

 

[Rambunctious]

I pay into a private pension, I can fix and change the monthly contribution to what I want, as long it's below the monthly wage that I claim to the taxman. The taxman then contributes 20%. I also pick and choose where the funds are invested, from low risk to high risk areas.

Pension companies invest funds to make a profit to pay pensions. Many shopping areas/malls are owned by pension companies to reap the rents. Today's generation think it's fantastic to use Amazon because they're cheap. But shops close, malls close, pension company income falls, pensions get shit, today's generation cry because pensions are shit.

That's sounds closer to a 401K... I was always self employed or employed by the Government when I was on active duty.... so I have a military pension as well as social security when I reach 66...

 

[Captain Caveman]

That's sounds closer to a 401K... I was always self employed or employed by the Government when I was on active duty.... so I have a military pension as well as social security when I reach 66...

The last company I worked for gave me a final salary pension. So they define the rules at the start, for example, for each year's employment with them, you get say 1/30th or 1/40th of your final salary as a pension. I was with them for 15 years. When I turned 55, it pays me a monthly pension, so I'm semi retired. I have a private pension and, currently, I will get state pension at 67. By the time time I reach 67, the government will change the goal posts to 70.

I think it's kinda the same between the US and UK with maybe the odd tweak and difference in terminology. But at least I now know what 401k means.

But why is it call 401k?

 

[Rambunctious]

The last company I worked for gave me a final salary pension. So they define the rules at the start, for example, for each year's employment with them, you get say 1/30th or 1/40th of your final salary as a pension. I was with them for 15 years. When I turned 55, it pays me a monthly pension, so I'm semi retired. I have a private pension and, currently, I will get state pension at 67. By the time time I reach 67, the government will change the goal posts to 70.

I think it's kinda the same between the US and UK with maybe the odd tweak and difference in terminology. But at least I now know what 401k means.

But why is it call 401k?

That's the IRS code....

 

[odanny]

So let me figure this out. The Dems are championing a fantastic Biden economy creating hundreds of more millionaires, but in the same breath, they dislike millionaires and billionaires and want them to pay more tax for the poor?

Can you see the irony in this too?

You sound very confused. Your country lavishes pensions on workers while in this country employers lavish bonuses upon themselves. A 401K is an investment and savings vehicle that allows middle class working people like myself an ability to retire and have a comfortable standard of living due to the growth of our savings over our working career. I’m living proof of the efficacy of investing in this tax deferred savings plan.

 

[Captain Caveman]

You sound very confused. Your country lavishes pensions on workers while in this country employers lavish bonuses upon themselves. A 401K is an investment and savings vehicle that allows middle class working people like myself an ability to retire and have a comfortable standard of living due to the growth of our savings over our working career. I’m living proof of the efficacy of investing in this tax deferred savings plan.

No confusion here.

People here are free to set up a private pension fund, the government contributes 20%. An employer must provide a pension, they're not fantastic but the government will up the contribution level as the years go on. Employees don't have to join. Anyone here can open an ISA with a bank/building society. The amount you can save to is capped, but the interest is tax free.

But it seems Dems champions Biden's economy making more millionaires and billionaires, but they don't like millionaires and billionaires because they feel they don't pay enough tax. The reason being is, Dems (Lefties) believe in Utopia.