Economics

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Soaring number of Americans are now 401(k) millionaires (finance.yahoo.com)

submitted 10 months ago by MicroWave to c/economics

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A hot stock market lifted more retirement accounts to new heights in 2023, Fidelity says.

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.

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[–] robolemmy 2 points 10 months ago (1 children)

I’m 58 and I retired 4 months ago, so there’s at least one exception to your rule. 😀

[–] [email protected] 3 points 10 months ago

Congratulations, counting the last few years here hoping to hit about that same age.