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Retirement Savings: More Americans Than Ever Have $1 Million In Assets Or More
IBD ^ | 04/16/2018 | Paul Katzeff

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 ...


TOPICS: Business/Economy; Society
KEYWORDS: 401k; assets; retirement
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To: babble-on
And she’s an economist at the “New School”, not exactly Speaker of the House.

Congress members don't even read their own legislation, much less write it. I'm suggesting she'd be a "go to" person for whichever group of staffers does/did the actual drafting.
21 posted on 04/16/2018 10:26:32 AM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: babble-on

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.


22 posted on 04/16/2018 10:26:51 AM PDT by DugwayDuke ("A man hears what he wants to hear and disregards the rest")
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To: SeekAndFind

Start early.


Why do they always say that? Where did my time machine go, dammit? That old Delorean?


23 posted on 04/16/2018 10:27:09 AM PDT by Yaelle
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To: SeekAndFind

Too many rich...gots’ta kill some off! < /sarc >


24 posted on 04/16/2018 10:27:15 AM PDT by JimRed ( TERM LIMITS, NOW! Build the Wall Faster! TRUTH is the new HATE SPEECH.)
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To: proxy_user

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.


25 posted on 04/16/2018 10:28:10 AM PDT by pepsionice
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To: SeekAndFind

Our net worth soared mightily when our property (residence and rental) was reassessed. But my beer budget didn’t go up a dime!


26 posted on 04/16/2018 10:29:07 AM PDT by JimRed ( TERM LIMITS, NOW! Build the Wall Faster! TRUTH is the new HATE SPEECH.)
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To: CIB-173RDABN

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.


Smart man. Or woman. Great idea.


27 posted on 04/16/2018 10:29:12 AM PDT by Yaelle
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To: pepsionice

But was he happy, man?


28 posted on 04/16/2018 10:31:27 AM PDT by Yaelle
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To: Dilbert San Diego
“borrow” or “merge” the 401k and IRA investments with the Social Security system.

Such an act is both armed robbery and abject tyranny. Any politician who suggests it should be treated appropriately.

29 posted on 04/16/2018 10:32:13 AM PDT by NorthMountain (... the right of the people to keep and bear arms shall not be infringed)
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To: LostInBayport

Amazing how the gop-e can’t do the same.


30 posted on 04/16/2018 10:34:51 AM PDT by ealgeone
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To: Garvin
More Than Half of Americans Have Less Than $1,000 in Savings in 2017, September 12, 2017

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.

31 posted on 04/16/2018 10:37:21 AM PDT by JimRed ( TERM LIMITS, NOW! Build the Wall Faster! TRUTH is the new HATE SPEECH.)
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To: SeekAndFind

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.


32 posted on 04/16/2018 10:40:28 AM PDT by Rusty0604
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To: babble-on

I just posted one link. Google “guaranteed retirement accounts”.


33 posted on 04/16/2018 10:42:56 AM PDT by Rusty0604
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To: ealgeone
Amazing how the gop-e can’t do the same.

Sure is. It was never more apparent then when Trump won and they had nothing ready to deal with Obamacare.
34 posted on 04/16/2018 10:44:13 AM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: clintonh8r
Yes, they can’t wait to raid our savings and give it to those in the wagon.....

Yup. That's precisely what I thought when I read this headline. A wealth tax is in our future.


35 posted on 04/16/2018 10:44:54 AM PDT by Buckeye McFrog
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To: SamAdams76

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...........................


36 posted on 04/16/2018 10:45:55 AM PDT by Uversabound (Might does not make right, but it does enforce the commonly recognized rights of each succeeding gen)
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To: SamAdams76

37 posted on 04/16/2018 10:46:46 AM PDT by dfwgator
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To: LostInBayport

You don’t think that be about a page at most. The ACA is hereby repealed.


38 posted on 04/16/2018 10:46:51 AM PDT by ealgeone
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To: DugwayDuke

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.


39 posted on 04/16/2018 10:47:55 AM PDT by dfwgator
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To: Buckeye McFrog

How it will be done is to means test Social Security more than it already is.


40 posted on 04/16/2018 10:48:21 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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