Posted on 11/19/2020 7:43:27 AM PST by SeekAndFind
Fidelity, the largest 401(k) provider in the US, has just released its third-quarter analysis titled "Building Financial Futures" that outlines the number of 401(k) millionaires hit a new high during the pandemic, reported WaPo.
Fidelity said client balances of more than one million dollars for 401(k) accounts increased to 262,000, up 17% from the previous quarter. The number of IRA millionaires also increased to 234,000, up 15% in the quarter. Both breached the highs recorded in4Q19 when Fidelity reported 233,000 401(k) millionaires and 208,000 IRA millionaires.
Market performance was primarily the reason for increases in 401(k) account balances in 3Q20. Despite the market plunge in October, from July 1 to Sept. 30, soaring main equities indexes boosted retirement balances, a spokesman for Fidelity told WaPo.
Despite the virus-induced downturn, resulting in the decimation of small and medium-sized firms, along with millions of job losses, the recovery has primarily been a Federal Reserve induced bonanza, one where trillions of dollars were pumped into capital markets by the central bank, igniting stock prices to record highs.
This all suggests that the Fed is unintentionally worsening economic inequality by providing the most help to capital markets while leaving the working-poor to fend for themselves with lousy government stimulus checks that expired at the end of July.
No worries there. I’ll work until I croak. I can’t stand the thought of having no purpose in life. May sound a little crazy but I never enjoy my vacations. I feel like a school skipper.
When I'm on vacation, I get a lot of crap from my wife because I'm constantly taking calls from work and checking emails. I guess working is just in our blood.
Simple. They’ll say anyone with a 401k will be ineligible to receive Social Security.
Pensions.. What a quaint idea, only public employees get those now. Another screwing of the middle class in the last 30 years. You saved for your own retirement with crumbs thrown in by your employer and now those disgusting pigs in the public employ want to steal everything that was saved and invested.
So cops and firemen are pigs? Shame on you.
.
Maybe you shouldnt eat at McDonalds. Better and less expensive to make it at home....hmmmm, maybe that is why some people are sitting on lots of money because they didnt indulge in all of this “convenience”
No, your elected official are pigs for stealing from the private sector. Sorry if that wasnt clear. No harm intended.
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