{"id":9883,"date":"2023-09-02T07:56:23","date_gmt":"2023-09-02T11:56:23","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=9883"},"modified":"2023-09-02T07:56:48","modified_gmt":"2023-09-02T11:56:48","slug":"are-you-a-401-9k-millionaire","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=9883","title":{"rendered":"Are you a 401 (k) millionaire?"},"content":{"rendered":"
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More folks can retire as millionaires.<\/p>\n

The number of people with $1 million or more saved in their 401(k) accounts leapt 10% from April to the end of June, according to Fidelity Investments. There was also a 13% pop in millionaires with IRA accounts held at the firm during that same timeframe.<\/p>\n

Read on Yahoo Finance<\/a><\/strong><\/p>\n

And it isn\u2019t just newly minted millionaires who have something to crow about. For the third straight quarter, Fidelity reported retirement account balances increased for all savers. That\u2019s according to the company\u2019s second quarter\u00a0analysis<\/a>\u00a0of savings account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.<\/p>\n

Numerous factors played a role in the gains, including the ability to stick to saving for the long haul to ensure security in their golden years.<\/p>\n

“Overall, the increase in balances [for all investors] was based on ongoing employer and employee contributions, along with positive market performance,” Michael Shamrell, vice president for workplace thought leadership for Fidelity, told Yahoo Finance.<\/p>\n

“The increase we are seeing in 401(k) millionaires this quarter [also] shows the value of long-term investing.”<\/p>\n

Read more: Top savings tools: 4 alternatives to savings accounts<\/em><\/a><\/p>\n

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For the first half of the year, the number of folks hitting that cool million target soared roughly 20%.<\/span><\/div>\n<\/div>\n

All told, there were 378,000 retirement savers in Fidelity 401(k) plans spotting balances of seven figures and beyond as of June 30, up from 340,000 at the end of March and 299,000 at the end of December. There were 350,000 IRA millionaires on June 30, up from 307,623 at the end of March and 280,320 at the end of December.<\/p>\n

Still, those tallies fall short of their peaks, which was 442,000 for 401(k) millionaires at the end of 2021 and 376,100 for IRA millionaires in the same quarter when the S&P 500 just finished a nearly 27% 12-month run.<\/p>\n

Overall, all retirement savers made out better.<\/p>\n

The average 401(k) account balance was $112,400 on June 30, up\u00a0from $103,900<\/a>\u00a0at the end of December. The average IRA balance was $113,800, up from $104,000 at the end of last year. Boomers, in fact, now have an average balance of just under half a million dollars ($499,700), Fidelity reported.<\/p>\n