A new report published by Fidelity Investments shows the number of 401(k) accounts with balances of $1 million or more hit a new record at the end of June.
The number of 401 plan participants with balances of $1 million or more rose to a record high at the end of June, according to new findings published by Fidelity Investments.There were about 497,000 so-called 401 "millionaires" during the second quarter, the data shows. That marks a 2.5% increase from the previous quarter and is the third-straight quarter of retirement savings growth.Among those accounts, the average balance hit $1,595,200, up from $1,581,000 at the end of March.
2% of their income toward savings. Retirement experts recommend that at least 15% of your income goes toward savings. Consumers are grappling with a number of financial headwinds, including steep interest rates and ongoing inflation that has made the cost of just about everything from rent to gasoline to groceries more expensive. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations.
News Business Personal Finance Explainers Us
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The number of 401(k) millionaires hit a new record highA new report published by Fidelity Investments shows the number of 401(k) accounts with balances of $1 million or more hit a new record at the end of June.
Read more »
Record number of 401(k)-created millionaires, but many struggle with retirement savingsLast quarter saw another all-time high in retirement-created millionaires, Fidelity Investments said Wednesday.
Read more »
401(k) auto-enrollment features don't help savings as much as expected, study findsAcademics who helped pioneer research on 401(k) auto-enrollment find effects such as leakage blunt its long-term impact.
Read more »
U.S. has more 401(k) millionaires than ever, report showsThe number of Americans who have amassed at least $1 million in retirement savings is at an all-time high, though most people fall short.
Read more »
The 3 biggest 401(k) mistakes that can derail your retirement, according to investment researchersContributing to a workplace retirement account drastically boosts your odds of a successful retirement, as long as you avoid some costly errors.
Read more »
The 3 biggest 401(k) mistakes that can derail your retirement, according to investment researchersContributing to a workplace retirement account drastically boosts your odds of a successful retirement, as long as you avoid some costly errors.
Read more »