Surging number of Americans hit 401(k) millionaire status
The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.
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The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.
A withdrawal from your 401(k) account is typically taxed as ordinary income. Also, you’ll pay a 10% early withdrawal penalty before age 59½, unless you meet one of the IRS…
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"Increased longevity changes everything," Joseph Coughlin, director of the AgeLab at MIT, told Yahoo Finance. "It is not just about more time, it adds more complexity."
For the first half of the year, the number of folks hitting that cool million target soared roughly 20%.
a sizable 42% of workers agree with the statement, “I prefer not to think about or concern myself with retirement investing until I get closer to my retirement date,”
There are several underlying economic issues making it harder for this cohort to save.
“We don't even include Social Security in our clients’ retirement income plans until they are ‘actually’ taking it.”
A number of retirement reforms were included in the federal spending package that passed Congress.
This dearth of retirement savings has lasting repercussions for future retirees.