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 ...
Ever time the dems are in power they want access to the wealth in the 401 k plans.
During Clinton’s years, the idea was to take 10% of the existing balances and 10% of all future contributions and ‘invest’ those funds in the inner cities.
Elizabeth Warren thinks your 401k funds should be invested in annuities managed by the federal government.
Start early.
Too many rich...gots’ta kill some off! < /sarc >
I will tell this story because I actually knew the guy from youth growing up.
Local guy...carpenter, graduated from school around 1949. He ended up as a carpenter for the school system in Alabama. Married his high school sweetheart. He got a used truck for the first couple of years.
He built his own house....small place. Small farm operation, with a garden. The wife planted everything, and they bought little to nothing at the grocery.
He got into CDs in the early 1960s. He and the wife never had kids. Most everything they ate...came from the garden or farm. He paid cash about every fifteen years for a new truck.
Throughout the 1960s and 1970s....CDs were booming away, sometimes getting 10-percent growth. He kept on with the practice in the 1980s, and retired in the 1990s. No TV, just a radio in the kitchen. The tractor on the farm was the same one that he’d bought int the early 1960s.
He passed away around six years ago...his wife had dementia and died around four months later. Relatives went down with the will business and the bank opened up the CD collection. He was about $25k short of a million dollars. This is a guy who wore overalls 365 days out of the year, bought only with cash, ate mostly all from the garden (except for coffee and sugar), and hadn’t watched an hour of TV in his entire life. Never spent any of the bulk of this money on much of anything.
Our net worth soared mightily when our property (residence and rental) was reassessed. But my beer budget didn’t go up a dime!
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.
But was he happy, man?
Such an act is both armed robbery and abject tyranny. Any politician who suggests it should be treated appropriately.
Amazing how the gop-e can’t do the same.
The savings they DO have are earning next to nothing. Thank goodness real estate (in most parts of the country) is beginning to appreciate again. In our county it is paying back way more in equity gained than the same dollars "invested" in a savings account.
Commie democrats will be campaigning to nationalize those retirement accounts. It’s not fair that some people work hard and save their money, it needs to be redistributed to those that don’t.
https://edworkforce.house.gov/news/documentsingle.aspx?DocumentID=190130
WASHINGTON, D.C. | May 4, 2010
As part of continued efforts to safeguard Americans’ retirement savings, members of the House GOP Savings Recovery Solutions Group wrote to Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner to oppose proposals that would jeopardize workers’ hard-earned retirement savings by undermining or nationalizing individual 401(k) retirement savings plans.
I just posted one link. Google “guaranteed retirement accounts”.
With my low pay I have saved since 1988 and its over a million.....I will never be a burden to society or family.
Nice!
RUGGED INDIVIDUALISM...........................
You don’t think that be about a page at most. The ACA is hereby repealed.
We have a mix of 401(k) and Real Estate Rental Properties, the idea is that the rent will provide our income when we retire.
How it will be done is to means test Social Security more than it already is.
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