A Record Number of 401(k) Holders Are Now Millionaires: Here’s How To Join The Ranks
The nation's retirement savers are getting richer, with the number of people holding $1 million or more in their 401(k) accounts rising last year.
According to new data from Fidelity Investments, 233,000 employees ended the fourth quarter with $1 million in their accounts, up from 200,000 in the third quarter of 2019. The number of IRA millionaires reached a record 208,000, driven by millennial investors. A decade ago, only 21,000 Fidelity 401 (k) account holders were part of the millionaire club.
Without a doubt, the decade-long bull run in the stock market has a lot to do with the newfound riches of employees across the country. The S&P 500 ended 2019 up 28.9%, while the Dow Jones Industrial was 22.3% higher. All signs point to more of the same in the early part of 2020, with many stocks surging, setting record highs and amassing huge market valuations.
Source Fool.com
