record number of 401(k) and IRA millionaires, according to Fidelity

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mtmingus
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record number of 401(k) and IRA millionaires, according to Fidelity

Post by mtmingus » Thu Feb 13, 2020 8:48 am

441,000 IRA or 401(k) accounts Fidelity manages had balances more than $1 million.
The number represents 1.6% of the 27.2 million IRA and 401(k) accounts managed by Fidelity.

How many of you just joined this club recently?

deltaneutral83
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Re: record number of 401(k) and IRA millionaires, according to Fidelity

Post by deltaneutral83 » Thu Feb 13, 2020 8:51 am

What is the significance where it is located (401k, IRA, Taxable account, investment real estate, etc. etc.)?

z3r0c00l
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Re: record number of 401(k) and IRA millionaires, according to Fidelity

Post by z3r0c00l » Thu Feb 13, 2020 8:54 am

I also saw an article showing a record level of household debt. The thing is, as population grows, as the stock market grows, as inflation continues to be positive, all of these things are expected. This is no more interesting than all time highs in the stock market because of course stocks are going up, that is the whole point of investing in them. Not to take away anything from the individuals who hit meaningful numbers for them, it is a good thing.

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Wiggums
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Re: record number of 401(k) and IRA millionaires, according to Fidelity

Post by Wiggums » Thu Feb 13, 2020 8:56 am

deltaneutral83 wrote:
Thu Feb 13, 2020 8:51 am
What is the significance where it is located (401k, IRA, Taxable account, investment real estate, etc. etc.)?
They can only report on the data that they have. Maybe retirement accounts (as opposed to retail accounts) are a bigger part of their business?

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%. Neither stat is very good, considering that we have an aging population.
Last edited by Wiggums on Thu Feb 13, 2020 9:06 am, edited 2 times in total.

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JoMoney
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Re: record number of 401(k) and IRA millionaires, according to Fidelity

Post by JoMoney » Thu Feb 13, 2020 8:56 am

When citing an announcement or news article, it would be nice if you provided a link so others might read it as well and provide further comment.
https://www.cnbc.com/2020/02/13/fidelit ... aires.html

Also, I don't think this topic falls under the "Personal Investments" category
rules#rule-3b
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

Flyer24
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Re: record number of 401(k) and IRA millionaires, according to Fidelity

Post by Flyer24 » Thu Feb 13, 2020 9:29 am

Topic does not fall within the guidelines of this sub forum. Remember, it needs to be personal and actionable. Thread is locked.
Investing - Help with Personal Investments

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