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 ...
People with accounts at Fidelity are by defination savers. 2017 was a great year for stocks, so of course records were set in balances. How do the stats look for the rest of the population?
CurlyDave wrote:
“1. It is politically impossible to stop SS payments to someone who has started getting them.”
“2. Once I have spent the SS money it is not possible to get it back.”
They would simply reduce the amount you receive until the ‘excess’ you have previously drawn was recouped. There are those in the IRS who are quite skilled at getting your money.
So the federal government would confiscate voting rights in privately held corporations? A transfer of ownership of corporate stock is not just moving money around, it's also taking away voting participation from individuals and giving them to the government?
The government would become a voting proxy holder for EVERY corporation held in retirement funds?
-PJ
sparklite2 wrote: “I wouldn’t scrimp and deny myself to die rich. What’s the point?”
Actually, that is a weakness of the 401K type retirements. You don’t know how long your money will have to last which creates a dilemna. Do you spend to create an enjoyable life style or do you hoard your money to create a long term nest egg. Not an easy decision.
In fact, this is one of the points Elizabeth Warren makes when she advocates for putting 401Ks in a long term annuity.
Political Junkie Too wrote: “The government would become a voting proxy holder for EVERY corporation held in retirement funds?”
You need to give up on your selfish perspectives and recognize that would allow the government to manage those corporations for ‘the good of all of us and just not the corporations and the rich.’
-PJ
Thank you for appreciating the sarcasm.
150K is just for Fidelity.
Think daughter’s one of those whose savings have grown large - gave her some money in a Fidelity mutual fund account when she graduated high school - got her interested and started early.....
The era of the wun pretty much destroyed me.
I have been rebuilding for the past few years.
I never had enough to save or spent my money foolishly.
I got lucky these last few years with stocks. I hope to stay lucky.
Bitcoin and Gold!
And yet, nearly 1 in 5 barely have a savings account. Over half+/- of Americans do not even have $1000-$10000 in the bank.......
I see some obvious flaws in this plan.
I can see some obvious flaws in this plan unless you can somehow invest in a savings while not paying your bills.
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