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Fidelity: Number of 401(K) Millionaires Hits Record-High 200,000

Fidelity: Number of 401(K) Millionaires Hits Record-High 200,000
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By    |   Friday, 15 November 2019 02:47 PM

Americans seemingly are socking away retirement cash as the stock market continues to set record highs nearly every day.

The number of Fidelity 401(k) plans with a balance of $1 million or more jumped to a record 200,000 in the third quarter of 2019, CNBC said, citing a new report by Fidelity, the nation’s largest provider of 401(k) plans.

Meanwhile, the number of individual retirement account millionaires increased to 182,400, also an all-time high, CNBC said.

Overall, the average 401(k) balance fell slightly to $105,200, down 1% from last year’s all-time high balance of $106,500, while the average IRA balance was also lower as of the third quarter, down to $110,200 from last year’s high of $111,000, CNBC said, citing Fidelity.

However, not all of the recent retirement headlines have been as optimistic.

The U.S., China and other leading economies confront a massive funding gap of $15.8 trillion in 2050 to ensure lifetime financial support for their aging populations, Bloomberg reported.

That’s according to a report spearheaded by former U.K. Financial Services Authority Chairman Adair Turner for the prestigious Group of 30, comprised of current and former policy makers.

“If public policies and individual behaviors do not change, many countries’ pension systems will face a severe crisis, threatening either unaffordable public expenditure pressures or inadequate incomes for retirees,” Turner said in a statement.

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The number of Fidelity 401(k) plans with a balance of $1 million or more jumped to a record 200,000 in the third quarter of 2019.
fidelity, 401k, millionaires, record, high
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2019-47-15
Friday, 15 November 2019 02:47 PM
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