That’s how many IRA and 401k retirement savings accounts managed by (a large financial company) Investments had balances of $1 million or more in the first quarter—a record high number that’s more than doubled in a year.
That's just one investment company.
This was NOT just due to the rise in the market since it dipped low when covid hit in 2020 but also as a result of people funding their retirement accounts before the 2021 deadline.
. . . . first quarter saw a scramble to make retirement contributions ahead of tax time. The financial services company said the number of retirement millionaires had risen 8% just since the fourth quarter.
The average IRA and 401k balance reached a record high for the second consecutive quarter, [ the investment company ] said; IRAs averaged $130,000, up from $128,100 in the fourth quarter, and 401ks averaged $123,900, up from $121,500.
Great news - hope others can get onboard this retirement savers bankwagon and create another leg, in addition to SS, to their retirement savings.