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.
There is no such thing as economic equality. If I give ten people $1,000, half of them will spend it all on themselves, 3 will save a little and spend the rest, 1 will spend half and save half, and one will invest/save most of it and maybe spend a little. There is only one way to make people effectively equal . . . impoverish them all.
THAT is what socialism/ Marxism does. . . evil to the core.
“You are correct. It is not rich. It is the savings you need to live off of that when you retire. It is in lieu of a pension!”
I’m quite aware, I’m very close to retiring. And now, these useless jackals are circling my savings. Too stupid or lazy to do it themselves, they want mine.
No.
They plan to confiscate them for their ‘safety’ and spend them.
That has been the plan since the Clinton administration where the first trial balloon was raised.
Nobody really knows how many people have multiple retirement accounts, but there are a lot more of them than commonly realized. A job change, another job change, and before you know it you have 3 or 4 accounts. Some consolidate, but many just leave them all open.
I recently attained hundredaire status but then I blew it by buying groceries.
Economic equality = lead a more responsible life. Isn’t the government’s business. Feds are unequally overpaid, BTW.
Of course they are!
THAT is what socialism/ Marxism does. . . evil to the core.
The odd thing is that those with dachas on Lake Champlain, Rehoboth Beach or in Chappaqua never seem to be dragged down to that impoverishment.
The harder I work, the more privilege I seem to have. (not a millionaire)
It may look like economic inequality; but what it amounts to is priority/decision-making inequality.
************
Well said.
Some people have the discipline and foresight to forego immediate gratification for future security. And some people work harder and are more astute with their money than others.
The Left perceives wealth is something that was achieved through inheritance, lucky investments, tax avoidance or exploiting others. That mindset explains why they want your savings.
Biden etal are keeping track of this folks. 401k’s, 403b’s, IRA’s.
All animals are created equal, but some animals are more equal than others. . . .
Hubby and I both retired and doing okay. We planned for it. I have 2 friends and a cousin that if you gave them $1000 it would be gone the next day. It would burn a hole in their pocket until they spent it. I’d put it in savings.
I call it “The Ambition Gap”.
Some people want to be Chiefs, and most people just want to be Indians.
This is due to stock market at all time highs.
260,000 millionaires...
Out of a US population of 328,000,000
.0000008% = income inequality?
BS.
Planted propaganda to begin to soften you up to raid your 401k
The odd thing is that those with dachas on Lake Champlain, Rehoboth Beach or in Chappaqua never seem to be dragged down to that impoverishment.
**************
And not one of them ever ran a business or produced anything of value.
Most of that money is at risk. When the marker goes down the balances will go down.
This is such a bizarre time when the fact that more people are becoming financially independent is portrayed by the media to be bad news.
“Planted propaganda to begin to soften you up to raid your 401k”
That’s the plan.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.