Number of 401K millionaires soars in last quarter 2023

[Lisa558]

Thank you very much, slider must have slipped.

I was able to edit my post.

Appreciate it.

WW

And that changes it entirely, doesn’t it? Trump saw a real increase of about 60% on the DOW, while it just now has returned to Trump’s level after three years of Biden.

 

[White 6]

Once again it's an investment product. I'm happy that those people had foresight and self discipline. But you're absolutely correct....99% of the voting populous is left out of this Comparative prosperity.

Not 99%, and not a prosperity thing when starting. After started even at small amounts, not missed, it adds up, especially in the days of employee matching, as employers saw benefit in possibly getting away from company responsibility for company funded retirement plans. Most of these people are people like me, but that did not face loss of job due to plant shutdown and displacement or relocation, simply stayed in their plans. If I had not had the plant shutdown, I would have stayed with the company, continued the plan and likely be one of those people, but am simply a middleclass lifestyle guy by virtue of having been debt free since 50, which was also part of my plan. The last 10 years were meant to be heavier plan investment and my mix (with personal management) would have made it. Losing 40% while laying on a beach was quite a shock, but I danced and continued dancing to get to retirement on schedule, just not as highly funded as planned. Managerial finance was all about personal finance and stressed, pay yourself first, even if you don't pay yourself much.

 

[MarathonMike]

Guy I quoted isnt a democrat. He is a lazy Republican who doesnt want to work. Stay on topic. How are you doing in this economy? Are you a lazy righty looking for a handout or are you a skilled worker who elevated his job in this historic market?

I'm stating facts about the makeup of the Democratic base. You have a minority of successful Liberals and a majority of gubmint dependent under-earners. I am successfully retired, started my career during the Reagan 80s and never looked back. How about you?

 

[citygator]

I'm stating facts about the makeup of the Democratic base. You have a minority of successful Liberals and a majority of gubmint dependent under-earners. I am successfully retired, started my career during the Reagan 80s and never looked back. How about you?

Retired eh? Living off the government checks I pay into every month. Great.

Me, I’m a 1%er paying for your way while you run down others who are in your same boat. You just like your welfare.

 

[MarathonMike]

Retired eh? Living off the government checks I pay into every month. Great.

Me, I’m a 1%er paying for your way while you run down others who are in your same boat. You just like your welfare.

Wrong again. LOL Your fantasies amuse me.

 

[Not That Guy]

I dont count my wealth in dollars, I use pounds and ounces

 

[theHawk]

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

So that’s 0.1% of the population….

How about the other 99.9%?

 

[Flopper]

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.

If the market keeps rising the rest of the year the way it has the last few months, and unemployment and inflation remains relatively low, selling voters on the horrible economy is going to be hard. Currently the market is 11% since Biden took office, not great but not horrible.

 

[Flopper]

So that’s 0.1% of the population….

How about the other 99.9%?

The other 99.1% covers income up to about 1 million.

 

[iku]

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.

Not too long ago if you da one million in your retirement you were in a relatively good position. Now you will need multimillion in you retirement. Bidenomics has FUCKED America forever.

 

[leftwinger]

We can still reverse things under Trump. On the first day, he can issue EOs that promote business rather than penalize it.

Only if about ten States can control Election Fraud. Bad voter rolls, drop boxes, remote logins, Zero Signature verification, no clear accounting of Ballots-Envelopes ordered-sent-returned-voted……does the remainder add up? I see lazy State “R” doing nothing ten months out. DC “R” are totally useless. New Speaker does nothing. Courts are lost. I could go on//

 

[Lisa558]

If the market keeps rising the rest of the year the way it has the last few months, and unemployment and inflation remains relatively low, selling voters on the horrible economy is going to be hard. Currently the market is 11% since Biden took office, not great but not horrible.

Hardly. Inflation is relatively AFTER the highest inflation most of us have seen in our lifetimes, and we’re not only stuck at those high prices, it’s continuing to inch upward.

The majority of Americans are financially stressed. And Biden’s answer to propose even MORE freebies - like giving $400 a month of other people’s money to people who buy their first house? All that does is flood the market with more money and make it worse for everyone else - especially seniors on fixed incomes.

 

[Flash]

With Potatohead's massive inflation nowadays a million dollars will hardly get you a cart of groceries.

 

[Lisa558]

Only if about ten States can control Election Fraud. Bad voter rolls, drop boxes, remote logins, Zero Signature verification, no clear accounting of Ballots-Envelopes ordered-sent-returned-voted……does the remainder add up? I see lazy State “R” doing nothing ten months out. DC “R” are totally useless. New Speaker does nothing. Courts are lost. I could go on//

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?!

 

[Lisa558]

With Potatohead's massive inflation nowadays a million dollars will hardly get you a cart of groceries.

I just looked it up. Fewer than 3% of Fidelity‘s customers have $1 million or more. These Dems twist around the truth to make it seem as if everyone is doing really well, when the truth is the majority are living hand to mouth.

 

[leftwinger]

And that changes it entirely, doesn’t it? Trump saw a real increase of about 60% on the DOW, while it just now has returned to Trump’s level after three years of Biden.

I posted actual IRA results (from an IRA re-adjusted March 2021). I moved to more “safety” under the chowderhead fraudulent takeover. 30% bonds? Bonds were killed in 2022.

i know my “Trump peak” Prior to this account. Finally after three years……the account is now again approaching my Trump “high-water” mark.

in other words…..a wasted three years.//


again, for the board loons….as an example, when your account drops 50% you would need 100% increase off that drop just to break even. $1mil drops to $500K…..must go up 100% just to start over. Yet XponentialChaos is crowing about market increases. Big drops have to be made back up. Smaller fluctuations are easier to make up.

 

[Lisa558]

I posted actual IRA results (from an IRA re-adjusted March 2021). I moved to more “safety” under the chowderhead fraudulent takeover. 30% bonds? Bonds were killed in 2022.

i know my “Trump peak” Prior to this account. Finally after three years……the account is now again approaching my Trump “high-water” mark.

in other words…..a wasted three years.//


again, for the board loons….as an example, when your account drops 50% you would need 100% increase off that drop just to break even. $1mil drops to $500K…..must go up 100% just to start over. Yet XponentialChaos is crowing about market increases. Big drops have to be made back up. Smaller fluctuations are easier to make up.

For me, during the Trump years (I’m restired and living off of SS and investments), my stock returns more than covered my expenses and I continued to see my balance creep up - despite the fact that I was drawing down every quarter.

Since Biden, I’ve lost a lot, and WAAAY beneath where I was under Trump. I’ve now recovered most of the loss, but I’m still a little bit under where I started.

Now when Trump wins, Gd-willing, businesses will breathe a sigh of relief knowing they no longer will have to contend with a president* who treats successful businesses as the enemy. Can’t wait for November.

 

[leftwinger]

For me, during the Trump years (I’m restired and living off of SS and investments), my stock returns more than covered my expenses and I continued to see my balance creep up - despite the fact that I was drawing down every quarter.

Since Biden, I’ve lost a lot, and WAAAY beneath where I was under Trump. I’ve now recovered most of the loss, but I’m still a little bit under where I started.

Now when Trump wins, Gd-willing, businesses will breathe a sigh of relief knowing they no longer will have to contend with a president* who treats successful businesses as the enemy. Can’t wait for November.

this year has been a great start. My IRA is up ~3% per month YTD. If that continues that would be ~30% (I know lol) by election. If Trump were to get past Election Fraud then things might stabilize.

 

[WorldWatcher]

For me, during the Trump years (I’m restired and living off of SS and investments), my stock returns more than covered my expenses and I continued to see my balance creep up - despite the fact that I was drawing down every quarter.

Since Biden, I’ve lost a lot, and WAAAY beneath where I was under Trump. I’ve now recovered most of the loss, but I’m still a little bit under where I started.

Now when Trump wins, Gd-willing, businesses will breathe a sigh of relief knowing they no longer will have to contend with a president* who treats successful businesses as the enemy. Can’t wait for November.

The stock market was at 30,000 when FPOUTS#45 left office, it's now at 38,000.

If you are at a loss, maybe you should rethink investments.

Just say'n.

WW

 

[Flash]

I just looked it up. Fewer than 3% of Fidelity‘s customers have $1 million or more. These Dems twist around the truth to make it seem as if everyone is doing really well, when the truth is the majority are living hand to mouth.

You may be getting by now in Biden's crappy economy if you are working three part time jobs but you are not going to have a million dollars in 401K.