Posted on 08/20/2018 8:31:50 AM PDT by SeekAndFind
It was a little report, one you might easily have missed, from the people at Fidelity Investments: The number of people with more than a million dollars in their 401(k) is soaring. Bad news for the economics of envy.
Fidelity says that the number of people at the end of the second quarter with a million dollars or more in their Fidelity 401(k) surged by 50,000 to 168,000, a 42% gain. Fidelity has 16.1 million 401(k) accounts under management, with an average balance of $104,000, up 6.4% from a year ago.
"Individuals are increasing their savings rates, they're taking advantage of their company match and they're keeping a healthy percentage of stocks in their account," according to Fidelity Senior Vice President Jeanne Thompson. "It takes many years of consistent saving and investing, but following these steps as part of a long-term retirement strategy can put an individual in a good position to eventually reach this savings milestone."
Sound advice. The power of compounding is well-known. Of course, not everyone will end up with a million bucks. But most will end up a heck of a lot richer — and far more financially secure in their old age — from a lifetime of working, saving and investing.
(Excerpt) Read more at investors.com ...
Not only 401K’s and IRA’s, but this should take the edge off the crisis in pension obligations. They are dangerously underfunded still, but it helps.
‘course getting the politically connected to stop skimming off the top wouldn’t hurt either.
They will lose it all in the coming weeks.
My four kids have all gotten new jobs in the last three months.
(well, there have and one has a second interview today. He is drug free and wants to be a trucker. He has his CDL so he should be able to get employed in a heartbeat.)
As in the past, I’ve made sure to counsel them all to sock away as much as possible now when they are young and single. It will be easier to do the same later and they will also be able to trim down the contribution if necessary.
Mine is strong and between it and some other investments (old 401K and an inheritance) I’m relatively confident of a decent retirement.
I’m heading there but have no doubt when I collect - long after Trump is out of office - it will be worth the price of a Love Drug Store coupon.
And, many of them are blue collar workers.
My s & p account hasn’t jumped that much. Waiting for that shove.
That’s great...
MY retirement is either working till i’m dead, Retiring to 3 hot’s and a cot in upstate Vermont or some other 99% white state or living under a bridge.
joy...
Mine’s doing very well indeed, but not quite that well. A 401(K) should be only one part of an investment strategy. Diversify, move slower, move safer.
Why?
Hang in there and take care of yourself.
If your account has not increased since Dow 18,000 when Trump took over you might want to reconsider your investments.
S & P was at 2271 and is now at 2850.
I bought S&P when it was <$2000 and have added ever since. You get a lot of diversity with 500 stocks. SPY is the symbol
MY retirement is either working till i’m dead, Retiring to 3 hot’s and a cot in upstate Vermont or some other 99% white state or living under a bridge.
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Two words:
Buy lottery tickets.
Thank you.
Always “Be Prepared.”
“Two words?”
However, the top 10 stocks account for 21.8% of the value of SPY. They also account for most of the increase over the last several years. Six of them are tech stocks, and the seventh, Berkshire Hathaway, has a lot of Apple stock itself.
“They will lose it all in the coming weeks.”
You dorks have been saying that since Trump got elected.
“Two words:
Buy lottery tickets.”
uh, That’s three words...
:)
Yea been buying lottery tickets lately.
couple of bucks now and then
Winning the lottery seems like the only way out.
It often seems like the lottery is the only thing my co-workers ever talk about.
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