Number of 401(k) ‘millionaires’ jumped 41% last year, says Fidelity : Congrats Konebhar anna

[Spartan]

@Konebhar6

Many more new 401(k) “millionaires” were created last year, but the overall number remains low, according to data released Tuesday.

Thanks to strong performances in stocks and bonds in 2023, coupled with steady savings rates and employer-provided matching contributions, 401(k) investors ended 2023 very much in the black.

That’s according to new fourth-quarter data from Fidelity Investments, one of the largest providers of workplace retirement plans that cover 23 million 401(k) participants.

The average 401(k) balance rose to $118,600 at the end of the fourth quarter, up 14% for the year.

Among Gen Xers, the demographic cohort that will start retiring over the next decade, Fidelity found that the average 401(k) balance topped $500,000 among those who have been saving for at least 15 years consecutively.

Fidelity also reported that the number of 401(k) accounts with balances of at least $1 million rose in the fourth quarter by 20%, to 422,000 accounts; and by 41% for the whole year. The average account balance for this group was $1,551,300 in the fourth quarter.

But market performance isn’t the only factor to credit for higher balances. Actual savings habits played a big role. Fidelity said that 27% of plan participants proactively increased their contribution rate throughout last year. And 78% of 401(k) savers were contributing at a rate high enough to get their employer’s full matching contribution.

Between employee and employer contributions, the average savings rate last year was 13.9%, up slightly from 13.7% a year earlier.

“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of Workplace Investing at Fidelity Investments. “When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs, and the lows of the lows but, encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future.”

But a large swath of the working population in the United States isn’t benefiting from the good news in 401(k) plans. The Bureau of Labor Statistics reported last year that while 73% of civilian workers had access to an employer-sponsored retirement plan, only 56% participated in them.

[Konebhar6]

1 hour ago, Spartan said:

@Konebhar6

Many more new 401(k) “millionaires” were created last year, but the overall number remains low, according to data released Tuesday.

Thanks to strong performances in stocks and bonds in 2023, coupled with steady savings rates and employer-provided matching contributions, 401(k) investors ended 2023 very much in the black.

That’s according to new fourth-quarter data from Fidelity Investments, one of the largest providers of workplace retirement plans that cover 23 million 401(k) participants.

The average 401(k) balance rose to $118,600 at the end of the fourth quarter, up 14% for the year.

Among Gen Xers, the demographic cohort that will start retiring over the next decade, Fidelity found that the average 401(k) balance topped $500,000 among those who have been saving for at least 15 years consecutively.

Fidelity also reported that the number of 401(k) accounts with balances of at least $1 million rose in the fourth quarter by 20%, to 422,000 accounts; and by 41% for the whole year. The average account balance for this group was $1,551,300 in the fourth quarter.

But market performance isn’t the only factor to credit for higher balances. Actual savings habits played a big role. Fidelity said that 27% of plan participants proactively increased their contribution rate throughout last year. And 78% of 401(k) savers were contributing at a rate high enough to get their employer’s full matching contribution.

Between employee and employer contributions, the average savings rate last year was 13.9%, up slightly from 13.7% a year earlier.

“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of Workplace Investing at Fidelity Investments. “When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs, and the lows of the lows but, encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future.”

But a large swath of the working population in the United States isn’t benefiting from the good news in 401(k) plans. The Bureau of Labor Statistics reported last year that while 73% of civilian workers had access to an employer-sponsored retirement plan, only 56% participated in them.

I am getting there. Not there yet. Target another 2 yrs.

[Konebhar6]

Crypto friend suggested Chainlink and Injective down the lane when crypto markets correct. @Naaperushiva What's your take on them. 

[Naaperushiva]

10 hours ago, Konebhar6 said:

Crypto friend suggested Chainlink and Injective down the lane when crypto markets correct. @Naaperushiva What's your take on them. 

chainlink not sure baa ..2017-2019 time lo hava nadichindhi  tharuvaatha peddaga follow kaaledhu...

INJ ayithe binance vaadu backed project  ee rally lo one of the first coins to pump...

1.7 deggara nundi no i guess around $40 dhaaka vacchindhi...i bought and sold becoz of the market twice at that $2 range.

[Konebhar6]

6 hours ago, Naaperushiva said:

chainlink not sure baa ..2017-2019 time lo hava nadichindhi  tharuvaatha peddaga follow kaaledhu...

INJ ayithe binance vaadu backed project  ee rally lo one of the first coins to pump...

1.7 deggara nundi no i guess around $40 dhaaka vacchindhi...i bought and sold becoz of the market twice at that $2 range.

Another thing that my friend said he plays around with some cryptos but very small amount. His most money is in Bitcoin. I think 3@19k. He says he only trusts the cryptos in US markets (those sold on COIN) but stopped believing in cryptos from other exchanges. Anyways its all Greek and latin for me .. Even the Bitcoin mining halving every 4 yrs I only understood recently. 

[Naaperushiva]

2 hours ago, Konebhar6 said:

Another thing that my friend said he plays around with some cryptos but very small amount. His most money is in Bitcoin. I think 3@19k. He says he only trusts the cryptos in US markets (those sold on COIN) but stopped believing in cryptos from other exchanges. Anyways its all Greek and latin for me .. Even the Bitcoin mining halving every 4 yrs I only understood recently. 

yaa bro main problem chaala exchanges us lo no available .....so konni coins konalemu though they are good fundamentally. 

[Naaperushiva]

2 hours ago, Konebhar6 said:

Another thing that my friend said he plays around with some cryptos but very small amount. His most money is in Bitcoin. I think 3@19k. He says he only trusts the cryptos in US markets (those sold on COIN) but stopped believing in cryptos from other exchanges. Anyways its all Greek and latin for me .. Even the Bitcoin mining halving every 4 yrs I only understood recently. 

mee too same ...my main problem is getting out usually i get into some good coins very early..i get emotionally attached or something i guess ..i stick to the coin till it's too late

[Konebhar6]

25 minutes ago, Naaperushiva said:

mee too same ...my main problem is getting out usually i get into some good coins very early..i get emotionally attached or something i guess ..i stick to the coin till it's too late

Post some good ones here. I will also Over analyze them

[Naaperushiva]

1 hour ago, Konebhar6 said:

Post some good ones here. I will also Over analyze them

 ippudu sailed baa....market lo inthaka mundhu antha interest ledhu baa but 2 yrs nunchi hold chesthunna coins ivi

BTW naa list of coins now LCX, CHR, FTM, BTC,VRA, AVAX, OCEAN,CTSI,CHZ,EOS,XRP and COTI 

[Konebhar6]

21 minutes ago, Naaperushiva said:

 ippudu sailed baa....market lo inthaka mundhu antha interest ledhu baa but 2 yrs nunchi hold chesthunna coins ivi

BTW naa list of coins now LCX, CHR, FTM, BTC,VRA, AVAX, OCEAN,CTSI,CHZ,EOS,XRP and COTI 

Vori nayano inni cryptos aa ... I give you the title of "King of Crypto in AFDB"

[Naaperushiva]

26 minutes ago, Konebhar6 said:

Vori nayano inni cryptos aa ... I give you the title of "King of Crypto in AFDB"

lol no baa..kanipiyyaru gaani mana AFDB lo masth mandhi vunnaru..just silent anthey

2017 lo ayithe piccha hadavidi vuntundey crypto topics....

[Konebhar6]

34 minutes ago, Naaperushiva said:

lol no baa..kanipiyyaru gaani mana AFDB lo masth mandhi vunnaru..just silent anthey

2017 lo ayithe piccha hadavidi vuntundey crypto topics....

chuddam malli vastaremo ... You should start a crypto thread

[Naaperushiva]

1 minute ago, Konebhar6 said:

chuddam malli vastaremo ... You should start a crypto thread

vaddhu ley baa..endhuku janaalu entha cheppina fomo avuthaaru ayyi wrong time lo invest chesthaaru without proper research baa endhuku...i remember few ppl who got stuck in that 2018 dump...

[summer27]

Ok

[tom brady]

23 hours ago, Konebhar6 said:

Crypto friend suggested Chainlink and Injective down the lane when crypto markets correct. @Naaperushiva What's your take on them. 

50k$ injective konna when it is around .80C sold at 1.20 something