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What retirement crisis? Number of 401(k) and IRA millionaires hits record high.


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2019 Aug 21, 11:25am   1,231 views  12 comments

by RWSGFY   ➕follow (4)   💰tip   ignore  

Despite that fact that most people are undersaved for retirement, a new study out from Fidelity on Wednesday shows that the retirement savings picture isn’t quite as grim as you might think. Indeed, the number of 401(k) and IRA millionaires hit a record high at the end of the second quarter, Fidelity found.

“The number of people with $1 million or more in their 401(k) increased to a record 196,000, up from 180,000 at the end of Q1, while the number of IRA millionaires increased to 179,700, also a record high and an increase from 168,100 last quarter,” the report revealed.

What’s more, employee savings rates hit a record high, with 32% of savers increasing their contributions in the second quarter of this year. (Interestingly, a Bankrate survey released Wednesday had a similar finding: that 29% of Americans had increased their retirement savings contributions from the year prior). Now, the average employee contribution rate is 8.8%, which is nearly a full percentage point higher than a decade ago, Fidelity reports.



https://finance.yahoo.com/m/f4512483-20f1-3083-9a8e-5b49e9ceb094/what-retirement-crisis%3F.html

Comments 1 - 12 of 12        Search these comments

1   RWSGFY   2019 Aug 21, 11:25am  

Thanks, Obama!
2   Ceffer   2019 Aug 21, 12:37pm  

0.05-0.06 percent of the population, a good start!
3   Booger   2019 Aug 21, 5:18pm  

You can't retire in Caligulan splendor with only 1 million in assets. Unless your retirement is going to be pretty short.
4   Al_Sharpton_for_President   2019 Aug 21, 5:25pm  

A million dollars was a lot in Jed Clampett's day. In today's dollars, you'd need $8.67 million.
5   clambo   2019 Aug 21, 5:42pm  

Of course; if you had some dough invested in the last 5 years you have made a shitload in the US stock market.

Also, those who have investments may increase their contributions when they see the good results.

$1 million=$50,000 income before taxation per year. So, in addition to social security which is $12,000-$24,000 per year someone can have an OK income.

People who are full social security age that I know have generally not quit working, so their assets should continue to grow.

Assets don't make you feel rich; income does.
6   RWSGFY   2019 Aug 21, 5:45pm  

Booger says
You can't retire in Caligulan splendor with only 1 million in assets. Unless your retirement is going to be pretty short.


I suspect most people won't live very long if real Caligulan splendor becomes available to them.
7   RWSGFY   2019 Aug 21, 6:08pm  

willywonka says
A million dollars was a lot in Jed Clampett's day. In today's dollars, you'd need $8.67 million.


Still beats zero dollars all day any day.
8   Ceffer   2019 Aug 21, 6:14pm  

Iranian_Oil_Burse says
I suspect most people won't live very long if real Caligulan splendor becomes available to them.


Judging from lottery winners, that tends to be true. For some reason, the notion that you can buy your way out of addiction, physical, mental and social deterioration with lots of money is common. Your body and mind are not infinitely renewable resources at any price.
9   FortwayeAsFuckJoeBiden   2019 Aug 21, 6:58pm  

Plus about 25% who have government pensions.

Ceffer says
0.05-0.06 percent of the population, a good start!
10   FortwayeAsFuckJoeBiden   2019 Aug 21, 6:59pm  

1 million goes far in flyover state if you keep expenses low.
11   Misc   2019 Aug 23, 2:36am  

People are taking their financial statements a little too seriously. They should instead treat them as they would any other Wall Street propaganda.
12   CBOEtrader   2019 Aug 23, 5:09am  

clambo says
Of course; if you had some dough invested in the last 5 years you have made a shitload in the US stock market.

Also, those who have investments may increase their contributions when they see the good results.

$1 million=$50,000 income before taxation per year. So, in addition to social security which is $12,000-$24,000 per year someone can have an OK income.

People who are full social security age that I know have generally not quit working, so their assets should continue to grow.

Assets don't make you feel rich; income does.


I have an insurance client retiring like this. 62 years old. $1.1 million in mutual funds, paid off house in an East Texas town, and $2400 a month of SSI .

His plan is to work at Lowe's (I'm serious), collect his SSI, and take 4% out his IRA annually. No wife, kids, or identifiable fun in his life. Just security for $1.1 million :)

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