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Re: Record Number of 401(k) and IRA Millionaires

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Message 11 of 17

The problem is that over 90% of our society are not millionaires and never will be. We need policies that support our working class and help them become more prosperous. Policies that help the Investment class do nothing for the working class, or 90% of our society.


"The only thing that man learns from history is that man learns nothing from history."
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Re: Record Number of 401(k) and IRA Millionaires

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Message 12 of 17

Along with record deficits which will impact millions of taxpayers and workers as it drags the economy. But..........you know Republicans. Borrow and spend. 

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Re: Record Number of 401(k) and IRA Millionaires

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Message 13 of 17

What they are not saying: millionaires are a small percentage of the populace...what about the larger percentage of the populace, the middle income and lower income people? Probably not doing well, seeing as how they have no stock market portfolio, IRAs, or 401K plans... funny isn't it how they fail to comment on that, because they haven't done well, have they. 

Unless of course you follow the rightwing line of thinking...they are doing great, they are lucky to have two jobs!

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Re: Record Number of 401(k) and IRA Millionaires

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Message 14 of 17
this is fake news. What would you expect with a $2 trillion dollar tax cut to millionaires/billionaires. Complete and total FAKE NEWS! LOL!!
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Re: Record Number of 401(k) and IRA Millionaires

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@Roxanna35 wrote:

@jimc91 wrote:
There’s now a record number of 401(k) and IRA millionaires, according to Fidelity

 

PUBLISHED THU, FEB 13 20207:00 AM ESTUPDATED THU, FEB 13 20202:09 PM EST
 
KEY POINTS
  • Fidelity says a record 441,000 IRA or 401(k) accounts it manages had balances of $1 million or more.
  • The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.
  • The average 401(k) balance rose to a record $112,300, a 7% increase from last quarter’s balance of $105,200.
  • Employees are saving more: One-third of plan participants increased the amount they were saving by an average of 3%.

Thanks to record-breaking markets and more retirement savings, the number of 401(k) and IRA millionaires has reached a new record, according to Fidelity.

 

Fidelity, the largest 401(k) provider in the United States, released its quarterly analysis Thursday. The report on retirement trends has become increasingly relevant as baby boomers retire in record numbers.

 

The study found a record 441,000 IRA or 401(k) accounts Fidelity manages had balances of $1 million.

 

Still, 401(k) and IRA millionaires are relatively rare: The number of retirement millionaires represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

 

As for the rest of us, there’s good news and bad news, particularly for those at or near retirement.

The good news:

  1. Average 401(k) and IRA balances have hit record levels. The average 401(k) balance rose to $112,300, a 7% increase from last quarter’s balance of $105,200. The average IRA balance was $115,400, also a record.
  2. It’s not just because the markets are up — employees are saving more. One-third of plan participants increased the amount they were saving by an average of 3%.
  3. A record number of workplace plans (32%) offered a managed account, which provides workers with professional planning and support. That support is a big confidence booster for savers.
  4. Automatic enrollment is catching on — a record 35% of employers automatically enrolled new workers in their 401(k) plan. Studies have consistently shown that automatic enrollment has been a major factor in increasing savings. Too many people don’t act affirmatively to start saving--automatic enrollment does that for them.
The bad news

Drill down into the results, and the situation is particularly difficult for baby boomers — the huge segment of society born between 1946 and 1964 who are now entering retirement age in record numbers.

 

Boomers — they are now 56 to 74 years old — have an average balance of $210,400, but it’s well-known that small groups of super-savers — the 401(k) millionaires — push the averages up.

 

The median — where half have more and half have less — is a far-more modest $69,900.

That leaves very little to draw down on a yearly basis. Assuming a 5% yearly drawdown, that’s about $3,500 a year.

 

“As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more,” David John, senior strategic policy advisor, AARP Public Policy Institute, told CNBC. “They will have Social Security, but not much else. This will continue until every employer offers some form of retirement benefit and every American can save for retirement from the day they go to work until the day they retire.”

 

Of course, that is not the complete retirement picture. There is Social Security and pensions. And some have more than one retirement account. For example, if someone takes a new job but rolls their old 401(k) into an IRA, their new 401(k) would have an initial balance of $0, which would keep the median and average down.

 

 



@jimc91 wrote:
There’s now a record number of 401(k) and IRA millionaires, according to Fidelity

 

PUBLISHED THU, FEB 13 20207:00 AM ESTUPDATED THU, FEB 13 20202:09 PM EST
 
KEY POINTS
  • Fidelity says a record 441,000 IRA or 401(k) accounts it manages had balances of $1 million or more.
  • The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.
  • The average 401(k) balance rose to a record $112,300, a 7% increase from last quarter’s balance of $105,200.
  • Employees are saving more: One-third of plan participants increased the amount they were saving by an average of 3%.

Thanks to record-breaking markets and more retirement savings, the number of 401(k) and IRA millionaires has reached a new record, according to Fidelity.

 

Fidelity, the largest 401(k) provider in the United States, released its quarterly analysis Thursday. The report on retirement trends has become increasingly relevant as baby boomers retire in record numbers.

 

The study found a record 441,000 IRA or 401(k) accounts Fidelity manages had balances of $1 million.

 

Still, 401(k) and IRA millionaires are relatively rare: The number of retirement millionaires represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

 

As for the rest of us, there’s good news and bad news, particularly for those at or near retirement.

The good news:

  1. Average 401(k) and IRA balances have hit record levels. The average 401(k) balance rose to $112,300, a 7% increase from last quarter’s balance of $105,200. The average IRA balance was $115,400, also a record.
  2. It’s not just because the markets are up — employees are saving more. One-third of plan participants increased the amount they were saving by an average of 3%.
  3. A record number of workplace plans (32%) offered a managed account, which provides workers with professional planning and support. That support is a big confidence booster for savers.
  4. Automatic enrollment is catching on — a record 35% of employers automatically enrolled new workers in their 401(k) plan. Studies have consistently shown that automatic enrollment has been a major factor in increasing savings. Too many people don’t act affirmatively to start saving--automatic enrollment does that for them.
The bad news

Drill down into the results, and the situation is particularly difficult for baby boomers — the huge segment of society born between 1946 and 1964 who are now entering retirement age in record numbers.

 

Boomers — they are now 56 to 74 years old — have an average balance of $210,400, but it’s well-known that small groups of super-savers — the 401(k) millionaires — push the averages up.

 

The median — where half have more and half have less — is a far-more modest $69,900.

That leaves very little to draw down on a yearly basis. Assuming a 5% yearly drawdown, that’s about $3,500 a year.

 

“As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more,” David John, senior strategic policy advisor, AARP Public Policy Institute, told CNBC. “They will have Social Security, but not much else. This will continue until every employer offers some form of retirement benefit and every American can save for retirement from the day they go to work until the day they retire.”

 

Of course, that is not the complete retirement picture. There is Social Security and pensions. And some have more than one retirement account. For example, if someone takes a new job but rolls their old 401(k) into an IRA, their new 401(k) would have an initial balance of $0, which would keep the median and average down.

 

 


And all my assets are doing amazing. but that doesn't mean that I will vote for Trump. 


The alternative to voting for Trump is not voting or voting for the winner of the Democrat Socialist Primary.  If you choose the latter, I expect you to be posting four years from now, what a mistake you made and your assets long gone due to your vote.

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Re: Record Number of 401(k) and IRA Millionaires

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Message 16 of 17

@jimc91 wrote:
There’s now a record number of 401(k) and IRA millionaires, according to Fidelity

 

PUBLISHED THU, FEB 13 20207:00 AM ESTUPDATED THU, FEB 13 20202:09 PM EST
 
KEY POINTS
  • Fidelity says a record 441,000 IRA or 401(k) accounts it manages had balances of $1 million or more.
  • The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.
  • The average 401(k) balance rose to a record $112,300, a 7% increase from last quarter’s balance of $105,200.
  • Employees are saving more: One-third of plan participants increased the amount they were saving by an average of 3%.

Thanks to record-breaking markets and more retirement savings, the number of 401(k) and IRA millionaires has reached a new record, according to Fidelity.

 

Fidelity, the largest 401(k) provider in the United States, released its quarterly analysis Thursday. The report on retirement trends has become increasingly relevant as baby boomers retire in record numbers.

 

The study found a record 441,000 IRA or 401(k) accounts Fidelity manages had balances of $1 million.

 

Still, 401(k) and IRA millionaires are relatively rare: The number of retirement millionaires represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

 

As for the rest of us, there’s good news and bad news, particularly for those at or near retirement.

The good news:

  1. Average 401(k) and IRA balances have hit record levels. The average 401(k) balance rose to $112,300, a 7% increase from last quarter’s balance of $105,200. The average IRA balance was $115,400, also a record.
  2. It’s not just because the markets are up — employees are saving more. One-third of plan participants increased the amount they were saving by an average of 3%.
  3. A record number of workplace plans (32%) offered a managed account, which provides workers with professional planning and support. That support is a big confidence booster for savers.
  4. Automatic enrollment is catching on — a record 35% of employers automatically enrolled new workers in their 401(k) plan. Studies have consistently shown that automatic enrollment has been a major factor in increasing savings. Too many people don’t act affirmatively to start saving--automatic enrollment does that for them.
The bad news

Drill down into the results, and the situation is particularly difficult for baby boomers — the huge segment of society born between 1946 and 1964 who are now entering retirement age in record numbers.

 

Boomers — they are now 56 to 74 years old — have an average balance of $210,400, but it’s well-known that small groups of super-savers — the 401(k) millionaires — push the averages up.

 

The median — where half have more and half have less — is a far-more modest $69,900.

That leaves very little to draw down on a yearly basis. Assuming a 5% yearly drawdown, that’s about $3,500 a year.

 

“As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more,” David John, senior strategic policy advisor, AARP Public Policy Institute, told CNBC. “They will have Social Security, but not much else. This will continue until every employer offers some form of retirement benefit and every American can save for retirement from the day they go to work until the day they retire.”

 

Of course, that is not the complete retirement picture. There is Social Security and pensions. And some have more than one retirement account. For example, if someone takes a new job but rolls their old 401(k) into an IRA, their new 401(k) would have an initial balance of $0, which would keep the median and average down.

 

 



@jimc91 wrote:
There’s now a record number of 401(k) and IRA millionaires, according to Fidelity

 

PUBLISHED THU, FEB 13 20207:00 AM ESTUPDATED THU, FEB 13 20202:09 PM EST
 
KEY POINTS
  • Fidelity says a record 441,000 IRA or 401(k) accounts it manages had balances of $1 million or more.
  • The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.
  • The average 401(k) balance rose to a record $112,300, a 7% increase from last quarter’s balance of $105,200.
  • Employees are saving more: One-third of plan participants increased the amount they were saving by an average of 3%.

Thanks to record-breaking markets and more retirement savings, the number of 401(k) and IRA millionaires has reached a new record, according to Fidelity.

 

Fidelity, the largest 401(k) provider in the United States, released its quarterly analysis Thursday. The report on retirement trends has become increasingly relevant as baby boomers retire in record numbers.

 

The study found a record 441,000 IRA or 401(k) accounts Fidelity manages had balances of $1 million.

 

Still, 401(k) and IRA millionaires are relatively rare: The number of retirement millionaires represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

 

As for the rest of us, there’s good news and bad news, particularly for those at or near retirement.

The good news:

  1. Average 401(k) and IRA balances have hit record levels. The average 401(k) balance rose to $112,300, a 7% increase from last quarter’s balance of $105,200. The average IRA balance was $115,400, also a record.
  2. It’s not just because the markets are up — employees are saving more. One-third of plan participants increased the amount they were saving by an average of 3%.
  3. A record number of workplace plans (32%) offered a managed account, which provides workers with professional planning and support. That support is a big confidence booster for savers.
  4. Automatic enrollment is catching on — a record 35% of employers automatically enrolled new workers in their 401(k) plan. Studies have consistently shown that automatic enrollment has been a major factor in increasing savings. Too many people don’t act affirmatively to start saving--automatic enrollment does that for them.
The bad news

Drill down into the results, and the situation is particularly difficult for baby boomers — the huge segment of society born between 1946 and 1964 who are now entering retirement age in record numbers.

 

Boomers — they are now 56 to 74 years old — have an average balance of $210,400, but it’s well-known that small groups of super-savers — the 401(k) millionaires — push the averages up.

 

The median — where half have more and half have less — is a far-more modest $69,900.

That leaves very little to draw down on a yearly basis. Assuming a 5% yearly drawdown, that’s about $3,500 a year.

 

“As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more,” David John, senior strategic policy advisor, AARP Public Policy Institute, told CNBC. “They will have Social Security, but not much else. This will continue until every employer offers some form of retirement benefit and every American can save for retirement from the day they go to work until the day they retire.”

 

Of course, that is not the complete retirement picture. There is Social Security and pensions. And some have more than one retirement account. For example, if someone takes a new job but rolls their old 401(k) into an IRA, their new 401(k) would have an initial balance of $0, which would keep the median and average down.

 

 


And all my assets are doing amazing. but that doesn't mean that I will vote for Trump. 

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Record Number of 401(k) and IRA Millionaires

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Message 17 of 17
There’s now a record number of 401(k) and IRA millionaires, according to Fidelity

 

PUBLISHED THU, FEB 13 20207:00 AM ESTUPDATED THU, FEB 13 20202:09 PM EST
 
KEY POINTS
  • Fidelity says a record 441,000 IRA or 401(k) accounts it manages had balances of $1 million or more.
  • The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.
  • The average 401(k) balance rose to a record $112,300, a 7% increase from last quarter’s balance of $105,200.
  • Employees are saving more: One-third of plan participants increased the amount they were saving by an average of 3%.

Thanks to record-breaking markets and more retirement savings, the number of 401(k) and IRA millionaires has reached a new record, according to Fidelity.

 

Fidelity, the largest 401(k) provider in the United States, released its quarterly analysis Thursday. The report on retirement trends has become increasingly relevant as baby boomers retire in record numbers.

 

The study found a record 441,000 IRA or 401(k) accounts Fidelity manages had balances of $1 million.

 

Still, 401(k) and IRA millionaires are relatively rare: The number of retirement millionaires represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

 

As for the rest of us, there’s good news and bad news, particularly for those at or near retirement.

The good news:

  1. Average 401(k) and IRA balances have hit record levels. The average 401(k) balance rose to $112,300, a 7% increase from last quarter’s balance of $105,200. The average IRA balance was $115,400, also a record.
  2. It’s not just because the markets are up — employees are saving more. One-third of plan participants increased the amount they were saving by an average of 3%.
  3. A record number of workplace plans (32%) offered a managed account, which provides workers with professional planning and support. That support is a big confidence booster for savers.
  4. Automatic enrollment is catching on — a record 35% of employers automatically enrolled new workers in their 401(k) plan. Studies have consistently shown that automatic enrollment has been a major factor in increasing savings. Too many people don’t act affirmatively to start saving--automatic enrollment does that for them.
The bad news

Drill down into the results, and the situation is particularly difficult for baby boomers — the huge segment of society born between 1946 and 1964 who are now entering retirement age in record numbers.

 

Boomers — they are now 56 to 74 years old — have an average balance of $210,400, but it’s well-known that small groups of super-savers — the 401(k) millionaires — push the averages up.

 

The median — where half have more and half have less — is a far-more modest $69,900.

That leaves very little to draw down on a yearly basis. Assuming a 5% yearly drawdown, that’s about $3,500 a year.

 

“As the median amounts in this study show, millions of Americans over the age of 55 have too little saved for a comfortable retirement, and not enough time to save significantly more,” David John, senior strategic policy advisor, AARP Public Policy Institute, told CNBC. “They will have Social Security, but not much else. This will continue until every employer offers some form of retirement benefit and every American can save for retirement from the day they go to work until the day they retire.”

 

Of course, that is not the complete retirement picture. There is Social Security and pensions. And some have more than one retirement account. For example, if someone takes a new job but rolls their old 401(k) into an IRA, their new 401(k) would have an initial balance of $0, which would keep the median and average down.

 

 

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