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.
Get ready for a 25% haircut.
The Grasshopper and the Ant fable comes to mind.
Hey! If you put that in amount 30 year Treasuries (after paying income taxes on the principal leaving maybe $700K) @ 1.62% you could get 11 or 12 thousand dollars a year for doing nothing!
You'd be livin large!
Tax hikes on “the rich” are consistent with forgiving student debt. What about all those students and parents who worked their asses off to pay the bloated price of a potentially worthless college degree? In typical democrat fashion, the message seems to be fug ‘em.
Since Jan 2019 my stock value has gone up about 8 times thanks to Nvidia and now AMD.
The democrats want to tax you more and take over your savings.
A guy named Obama said “I don’t mean I’m against wealth, I am just going to redistribute it around differently.” (Laughed).
His putrid legacy lives on as the new leaders are going to push that——with exceptions for Pelosi,Schumer,Bidens,Newsom, just like with lavish parties and maskless BLM marches (DeBlasio).
Remember that GOP and Dems made special provision that people in Congress and their families are exempt from Obamacare rules. After they specifically promised not to do that.
Bingo. But watch how the plan is structured. It will be designed (as is all legislation) so that it doesn’t hurt those in the Swamp or congress. Watch for the loopholes and what benefits THEM. That will tell you what you need to do to minimize the impact on your personal savings.
Remember that GOP and Dems made special provision that people in Congress and their families are exempt from Obamacare rules.
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Please see my similar #47.
“You’d be livin large!”
You consider 11 or 12k a year living large?
Run for Congress!
if your age 62 with $1,000,000 in the bank what will it take to make it to age 95? If your that lucky to live that long.
Personally I think that with the inflation we are likely to see the next 10 years you need perhaps $3,000,000 plus to survive. The dollar will be devalued over the next 10 years.
Get your $75.00 big Mac at MCD.
So if people are responsible and save for their own retirement, that’s a problem?
That reduces strain on the system for those unable to do so...
These people have no logic.
That’s why they have to take the guns before anything is done. Take a chunk of peoples hard earned savings and they will riot.
This article is nothing more than setting up the 401k steal.
Now that politicians will no longer be accountable to voters, they can f**k us any way they like.
I know a lot of people who earned very little but were frugal and always put something in their 401. They now have millions.
Only if we let them...
It’s actually .079%. Which STILL isn’t ‘income inequality’. Income inequality is a red herring phrase the commiecrats use to fool the rubes.
And it is none of the commieCrat’s / government’s business anyway. Unless I missed that granted power somewhere in the constitution? (And no, the commerce clause isn’t it.)
Suicides also
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