Millionaires of Retirement Savers

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Millionaires of Retirement Savers

The Balance 05/20/2021 - Soaring Market Makes Millionaires of Retirement Savers

from the link~

672,600

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.