Tags: retirement | millionaires | surge | record

Retirement Millionaires Surge to Record as Trump Stock Market Roars

Retirement Millionaires Surge to Record as Trump Stock Market Roars
(FlynnT/Dreamstime)

Thursday, 13 February 2020 11:56 AM

The bull market is minting plenty of millionaires — at least when it comes to retirement accounts.

The number of people with $1 million or more in their 401(k) or individual retirement account on the Fidelity Investments platform reached record levels last quarter, fueled by higher savings rates along with market appreciation, the fund company said in a report Thursday.

Some 233,000 savers held seven-figure 401(k)s as of Dec. 31, up about 17% from the prior quarter.

Among IRA holders, 208,000 people made the club, a 14% increase. Investor savings rates have been trending higher in part because employers are automatically increasing their contributions.

Among people who have been in their 401(k) plan for 10 years straight, the average balance reached a record $328,200, topping the previous high of $306,500 from last quarter, Fidelity said.

© Copyright 2020 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Headline
The bull market is minting plenty of millionaires -- at least when it comes to retirement accounts.
retirement, millionaires, surge, record
134
2020-56-13
Thursday, 13 February 2020 11:56 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved