Posted on 04/16/2018 9:50:17 AM PDT by SeekAndFind
Do you think saving for retirement is just too tough? Think again. The number of people with 401(k) balances of at least $1 million hit a record 150,000 at the end of 2017 in plans run by Fidelity Investments. Likewise, the number of Fidelity-run IRAs with retirement savings balances of $1 million or more hit a record 152,000.
And if $1 million seems out of reach for you — at least for now — don't worry, because those million-dollar balances were part of a broader pattern of retirement savings balances overall growing to record highs.
Your retirement savings balances can join in on the fun — if you take six steps designed to maximize growth in retirement accounts, recommended by Meghan Murphy, a Fidelity 401(k) expert.
Start early.
Invest the yearly maximum.
Invest smartly. If you can't afford the maximum, at least aim for a contribution amount that will trigger the largest company match offered.
Invest for growth.
Stick to your plan. Do that by rebalancing periodically.
Use target date funds. That's especially important if you can't make appropriate investment decisions for yourself or don't want to try.
(Excerpt) Read more at investors.com ...
... And if you have investment properties that you are renting out to the right tenant at the right location, you might have assets worth more than a million as well.
And these are our investments, our personal investments which we own.
I recall talk during the Obama years, of how the looming Social Security deficits could be covered if we could “borrow” or “merge” the 401k and IRA investments with the Social Security system.
The next time Democrats control both Congress and the White House, I expect this talk to be revived.
Yes, they can’t wait to raid our savings and give it to those in the wagon.....
I don't lecture my adult sons all that much but this is the one thing I constantly nagged them about. When I finally showed them my balance, their eyes popped out of their heads and now they understand.
RE: how the looming Social Security deficits could be covered if we could “borrow” or “merge” the 401k and IRA investments with the Social Security system.
OK, if one has investment property(ies), are they also planning to “merge” those investments with the SS System as well? How will that happen? Are you going to be forced to sell them?
I believe I read that the Obamacare legislation was pulled out of a drawer right after Obama’s election. They dusted it off and brought it to the floor.
Don’t think for one second there isn’t a bill sitting in another drawer authorizing government “management” of the 401k and IRA accounts of Americans.
It’s what they do.
...and keep it quiet.
Many “millionaires” live quiet middle class lifestyles. If no one knows you have money you will not be subject to hard luck stories.
I have helped many in my extended family when there was a need but there was always only one string attached. Don’t tell anyone that I helped.
I don’t recall that talk, can you provide a link? Might it have been scare tactics from the right? I’m interested.
google “Teresa Ghilarducci” and “congress”
Er, what about your non-retirement accounts? I believe there are a few quite well-off guys out there.
Here we go again...
Most Americans have less than $1,000 in savings
Published: Dec 23, 2015 10:01 a.m. ET
Nearly 7 in 10 Americans Have Less Than $1,000 in Savings, New Study Shows, Sep 25, 2016 at 2:04PM
More Than Half of Americans Have Less Than $1,000 in Savings in 2017, September 12, 2017
As I recall anything over a certain amount would be confiscated (ie taxed at 100%) Dee Revin Jackson was a loud mouth in this as I recall.
Looks like she wants to eliminate the tax deduction for 401k contribs, and create a mandatory system of private accounts like George W. Bush’s in addition to SS.
And she’s an economist at the “New School”, not exactly Speaker of the House.
The Baby Boomers were really hurt in 2008. Far too many of them were heavily invested in stocks because they were either late in starting, or greedy.
I have an uncle, and also my brother’s in-laws who have their entire retirement in some pretty risky “day trader” situations. Almost completely wiped out first in 2000, then risky going into 2007 to make up for that. And then...poof. They are retired and broke.
Putting it all into the stock market is never a good idea.
An item costing .25 cents in 1958 will cost you $2.16 today.
A million today would be worth $116,000 in 1958.
To equal a million in 1958, you would need $8,700,000 today.
A Confederate dollar is worth more than a US dollar today.
Vermont Lt wrote: Putting it all into the stock market is never a good idea.
Putting it all into risky “day trading” schemes is far more risky than putting your retirement in the stock market.
There were a myriad of reasons NOT to vote for Hillary! in 2016. However for me, *this* was the primary one. Someone as greedy and grasping as her just wouldn't be able to stay away from those trillions of dollars. Just sitting there, waiting to be stolen.
For the good of the people, of course.
What I'm hoping is that Trump and Pence stick around for a few more years, Boomers spend down their retirements, and make that money pile a little less tempting. We'll see.
Frankly, for all the Conservative chest thumping over the 2nd amendment, illegals, "build a wall", et al, ad infinitum, stealing people's retirements might be what foments the Civil War that so many Freepers (and others) seem to be itching for.
Stealing people's life savings, while simultaneously destroying the economy - IMO, gov't wiping out people's retirement funds would make the market crash of 2008/09 look like a minor hiccup - might be enough to kick start something that we really don't want to see happen.
As I recall there were some democrats and/or their mediot surrogates who floated a plan to convert all tax deferred retirement savings plans from mixed investment, especially equities, to 100% government bonds. I don’t specifically remember who or when.
150 k of 300 million as a whopping 0.05%
How many in the US have next to nothing saved.....
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