But this year brings better news: account balances are growing by double digits over the past 12 months.
The growth is so strong, in fact, that the share of 401(k) millionaires has grown by 25% so far this year, according to Fidelity Investments’ Q2 2023 retirement analysis.
Of course, there are many people in the U.S. who do not have a retirement account at all, and balances vary significantly depending on factors like age, profession, and income.
The total contribution rate—which combines employee and employer contributions—for the second quarter was 13.9%, in line with what many experts advise (Fidelity suggests 15%).
“A million dollars isn’t what it used to be, but it can still provide a comfortable retirement if done right,”Gates Little, president and CEO at the Southern Bank Company, previously told Fortune.
“While everyone’s financial situation is different, Fidelity suggests taking a long-term approach to saving and avoiding making changes based on short-term economic swings—positive or negative,” the report reads.
This is the best summary I could come up with:
But this year brings better news: account balances are growing by double digits over the past 12 months.
The growth is so strong, in fact, that the share of 401(k) millionaires has grown by 25% so far this year, according to Fidelity Investments’ Q2 2023 retirement analysis.
Of course, there are many people in the U.S. who do not have a retirement account at all, and balances vary significantly depending on factors like age, profession, and income.
The total contribution rate—which combines employee and employer contributions—for the second quarter was 13.9%, in line with what many experts advise (Fidelity suggests 15%).
“A million dollars isn’t what it used to be, but it can still provide a comfortable retirement if done right,”Gates Little, president and CEO at the Southern Bank Company, previously told Fortune.
“While everyone’s financial situation is different, Fidelity suggests taking a long-term approach to saving and avoiding making changes based on short-term economic swings—positive or negative,” the report reads.
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Curious about the downvotes here. Jealous bots?