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The number of 401(k) plan millionaires surges 41 percent, hits a new high
Posted on 8/16/18 at 5:03 pm
Posted on 8/16/18 at 5:03 pm
quote:
The number of 401(k) plan millionaires surges 41 percent, hits a new high
Jessica Dickler | @jdickler
Published 7 Hours Ago
* The number of Fidelity 401(k) accounts with a balance of $1 million or more jumped to 168,000 in the second quarter of 2018, up 41 percent from a year earlier.
* Retirees are now wealthier than any previous generation, according to a separate report by United Income.
With the stock market nearing all-time highs and the S&P 500 up 5.4 percent year to date, some retirement savers are feeling pretty good about their nest eggs.
And rightfully so: The number of Fidelity 401(k) plans with a balance of $1 million or more jumped to a record 168,000 in the second quarter, up from 119,000 a year earlier. That's a 41 percent surge.
.....
Over the last three decades, the average wealth among retirees increased by over 100 percent to $752,000, United Income said, citing data from the Federal Reserve, Bureau of Labor Statistics and Census Bureau.
The share of retirees who are millionaires also more than doubled over the same period, now accounting for 1 in 6 retirees.
"Relative to past generations, the current generation of retirees is much better off," according to Matt Fellowes, United Income's CEO.
LINK
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Posted on 8/16/18 at 5:09 pm to NC_Tigah
quote:
Over the last three decades, the average wealth among retirees increased by over 100 percent to $752,000, United Income said, citing data from the Federal Reserve, Bureau of Labor Statistics and Census Bureau.
The share of retirees who are millionaires also more than doubled over the same period, now accounting for 1 in 6 retirees.
Well $1 million isn't what it used to be 30 years ago either.
Posted on 8/16/18 at 5:14 pm to NC_Tigah
Last year's insane market pushed a lot of people over the edge 
Posted on 8/16/18 at 5:22 pm to elposter
quote:
Well $1 million isn't what it used to be 30 years ago either.
only on the money board can we find folks to complain about having $1 million in your retirement account
Posted on 8/16/18 at 5:25 pm to HailToTheChiz
quote:
only on the money board can we find folks to complain about having $1 million in your retirement account
Not so much complaining as I am pointing out that if those numbers in the OP aren't adjusted for inflation I'm not sure it really tells that good a story of people having a lot more actual savings/wealth at retirement now.
Posted on 8/16/18 at 5:32 pm to elposter
quote:Really just the tip of the iceberg. In the past most Americans also received pensions. There was less incentive to built 401(k)'s. More and more, pensions are going away, forcing need for larger retirement accounts.
if those numbers in the OP aren't adjusted for inflation
Posted on 8/16/18 at 5:34 pm to NC_Tigah
quote:
The number of 401(k) plan millionaires
I'll be one myself eventually, over half way and I'm in my 30's.
BRAG.
Of course if the socialists ever take over, my million bucks may cover a nice dinner by 2050.
This post was edited on 8/16/18 at 5:35 pm
Posted on 8/16/18 at 6:41 pm to PEPE
quote:Hat's off
over half way and I'm in my 30's.
So important to put contributions to work early.
Even w/o further contributions, I'd guess that @7% per annum you'll be looking at around $4M on retirement.
Posted on 8/16/18 at 6:54 pm to elposter
quote:
Not so much complaining as I am pointing out that if those numbers in the OP aren't adjusted for inflation I'm not sure it really tells that good a story of people having a lot more actual savings/wealth at retirement now.
I know. I was only joking around
Posted on 8/16/18 at 6:54 pm to PEPE
quote:
I'll be one myself eventually, over half way and I'm in my 30'
How much on average have you contributed per year? Over how many years?
I'm just curious so I can gauge my own failures
Posted on 8/16/18 at 7:01 pm to NC_Tigah
Off topic, but that OP is formatted beautifully.
Posted on 8/16/18 at 7:13 pm to NC_Tigah
Maybe one day. My goal is $1 million by 55 and to work till 65.
Posted on 8/16/18 at 7:15 pm to HailToTheChiz
quote:
I'm just curious so I can gauge my own failures
Very broad rule, but Fidelity targets 1x your salary by age 30, 2x by age 35, and 3x by age 40. That's on pace to retire around 67.
Posted on 8/16/18 at 7:23 pm to NC_Tigah
In other news,
Soaring bankruptcy rates signal a 'coming storm of broke elderly,' study finds
quote:
Older Americans are filing for bankruptcy at more than double the rate of just 25 years ago, a sign of a "coming storm of broke elderly," a new study finds.
The rate of people 65 and over filing for bankruptcy grew nearly 204 percent from 1991 to 2016, a study published by the Social Science Research Network found, and the percentage of seniors among all U.S. bankruptcy filers increased by nearly five times over the same period.
Soaring bankruptcy rates signal a 'coming storm of broke elderly,' study finds
Posted on 8/16/18 at 7:26 pm to elposter
quote:How about $10 million??
Well $1 million isn't what it used to be 30 years ago either.
Posted on 8/16/18 at 7:51 pm to slackster
quote:
but Fidelity targets 1x your salary by age 30, 2x by age 35, and 3x by age 40
Well that's just unrealistic
Posted on 8/16/18 at 7:52 pm to NC_Tigah
quote:
The number of Fidelity 401(k) accounts with a balance of $1 million or more jumped to 168,000
While fidelity is large, I would have thought this number would be much higher.
Posted on 8/16/18 at 8:12 pm to Twenty 49
quote:
Older Americans are filing for bankruptcy at more than double the rate of just 25 years ago, a sign of a "coming storm of broke elderly," a new study finds.
The rate of people 65 and over filing for bankruptcy grew nearly 204 percent from 1991 to 2016, a study published by the Social Science Research Network found, and the percentage of seniors among all U.S. bankruptcy filers increased by nearly five times over the same period.
I’d imagine this has a lot to do with the crash. Both for those retiring into it and after who were then spooked and felt very strongly they needed to protect what they had left by pulling it from the market. Would be interesting to see comparisons with other 10 year windows that included a significant bear market and its later recovery.
Posted on 8/16/18 at 8:17 pm to LSURussian
quote:30 years ago I'd have thought $10M was nearly Warren Buffett money. Times do change.
isn't what it used to be 30 years ago either.
How about $10 million??
Related though, there are Retirement calculators available allowing ROI interest assumptions, varying withdrawal amounts, and # of years in principle drawdown to zero dollars. ( LINK)
e.g. $10M @ 3% ROI/yr would produce ~$450K/yr X30yrs.
Pretty nice tool for some quick calcs IMO.
This post was edited on 8/16/18 at 8:21 pm
Posted on 8/16/18 at 8:23 pm to HailToTheChiz
quote:
Well that's just unrealistic
Ehh, I don't think so.
JPMorgan says this:
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