Number of 401(k) ‘millionaires’ reaches new high

[Roo Island]

Bidenomics! Thanks!

 

On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million.

The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its conclusions on 24 million 401(k) accounts across the 26,000 employer-sponsored plans that it administers.

As of June 30, nearly half a million 401(k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter. The average balance hit $1,595,200, up from $1,581,000 at the end of March, according to Fidelity’s data.

 

 

[Will B Good]

5 minutes ago, Roo Island said:

Bidenomics! Thanks!

 

On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million.

The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its conclusions on 24 million 401(k) accounts across the 26,000 employer-sponsored plans that it administers.

As of June 30, nearly half a million 401(k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter. The average balance hit $1,595,200, up from $1,581,000 at the end of March, according to Fidelity’s data.

 

 

 

 

Ah, yes, but, but......If Trump were President twice as many would have become 401(k) millionaires.

 

You can't win.

 

 

 

[Chwooly]

4 minutes ago, Will B Good said:

 

 

Ah, yes, but, but......If Trump were President twice as many would have become 401(k) millionaires.

 

You can't win.

 

 

 

MY 401K was at it's high on Nov 16 2021. And at it's lowest on Jan3 2023. It has made significant gains since Jan 3rd However it is still way below 2021 levels. I can't remember who was in office at that time? Who has been in office for the past 3 years?

[Will B Good]

1 minute ago, Chwooly said:

MY 401K was at it's high on Nov 16 2021. And at it's lowest on Jan3 2023. It has made significant gains since Jan 3rd However it is still way below 2021 levels. I can't remember who was in office at that time? Who has been in office for the past 3 years?

 

 

Let me think...... when did the covid 19 restrictions brought by Trump start to impact, along with the massive disruption in global trade routes and logistics....think, think.

[Chwooly]

8 minutes ago, Will B Good said:

 

 

Let me think...... when did the covid 19 restrictions brought by Trump start to impact, along with the massive disruption in global trade routes and logistics....think, think.

Let me think..... When did the restictions get lifted and when did the sham billed called end inflation get passed that increased inflation? Let me see how can we blame trump for that bill, Hey maybe we can blame Trump for the failure called Obamacare, You know that You have to vote for it to be able to read it bill? 

[Will B Good]

1 minute ago, Chwooly said:

Let me think..... When did the restictions get lifted and when did the sham billed called end inflation get passed that increased inflation? Let me see how can we blame trump for that bill, Hey maybe we can blame Trump for the failure called Obamacare, You know that You have to vote for it to be able to read it bill? 

 

 

Oh....I see....day one of restrictions being lifted meant everything was/should have been immediately all fine and dandy.....🤭

[Chwooly]

9 minutes ago, Will B Good said:

 

 

Oh....I see....day one of restrictions being lifted meant everything was/should have been immediately all fine and dandy.....🤭

Wow just Wow with logic like that I can see why you support Harris, Where in any of my posts have I suggested or implied that 1 day after restrictions are lifted everything should be perfect, I will continue to point out that Biden has had 3 years in office and still my 401k is not at the highest level that was reached in 2021. But 3.5 years into his presidency and still all anyone can do is try and blame Trump for Biden/Harris's failed policies. Harris is now for Fracking, a border wall, and taxing tips which were all "Far Right" planks in the Trump platform. And of course the Harris, I will fix everything as soon as I am elected but she won't/can't fix now even though she is in office 

[Will B Good]

Just now, Chwooly said:

Wow just Wow with logic like that I can see why you support Harris, Where in any of my posts have I suggested or implied that 1 day after restrictions are lifted everything should be perfect, I will continue to point out that Biden has had 3 years in office and still my 401k is not at the highest level that was reached in 2021. But 3.5 years into his presidency and still all anyone can do is try and blame Trump for Biden/Harris's failed policies. Harris is now for Fracking, a border wall, and taxing tips which were all "Far Right" planks in the Trump platform. And of course the Harris, I will fix everything as soon as I am elected but she won't/can't fix now even though she is in office 

 

 

It's called hyperbole.....settle.

[Chwooly]

28 minutes ago, Will B Good said:

 

 

It's called hyperbole.....settle.

Good Point, I tend to be too Literal, both here and in life in general. 55

[gargamon]

1 hour ago, Chwooly said:

MY 401K was at it's high on Nov 16 2021. And at it's lowest on Jan3 2023. It has made significant gains since Jan 3rd However it is still way below 2021 levels. I can't remember who was in office at that time? Who has been in office for the past 3 years?

The S&P 500 was 4688 on November 16, 2021. It was 3824 on January 3, 2023. It's 5592 today. Who's in office now?

What happened? You got too much in crypto or djt?

[bkk6060]

28 minutes ago, gargamon said:

The S&P 500 was 4688 on November 16, 2021. It was 3824 on January 3, 2023. It's 5592 today. Who's in office now?

What happened? You got too much in crypto or djt?

Yes, in reality it is up about it's average over the past 3 years.  

But,  all of it and inflation is a pandemic issue not really a President issue.  No matter who was in charge it would probably be the same result. 

[eddyod]

While that number Fidelity mentions is interesting, what is worrying is the number of people nearing retirement age (in America) with an insufficient amount of savings. I would like to see Harris and Trump talk about how these people are going to get by in the coming years.

[maesariang]

24 minutes ago, bkk6060 said:

Yes, in reality it is up about it's average over the past 3 years.  

But,  all of it and inflation is a pandemic issue not really a President issue.  No matter who was in charge it would probably be the same result. 

Inflation is, stocks not. Government spending and energy policies influence inflation. Everyone should know that.

[bkk6060]

35 minutes ago, maesariang said:

Inflation is, stocks not. Government spending and energy policies influence inflation. Everyone should know that.

More so related to employment and demand.  Both of which were Pandemic related.  Everyone knows that.

Edited August 29 by bkk6060

[TedG]

3 hours ago, Roo Island said:

Bidenomics! Thanks!

 

On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million.

The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its conclusions on 24 million 401(k) accounts across the 26,000 employer-sponsored plans that it administers.

As of June 30, nearly half a million 401(k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter. The average balance hit $1,595,200, up from $1,581,000 at the end of March, according to Fidelity’s data.

 

 

 

A million is not what is used to be.   

[TedG]

2 minutes ago, bkk6060 said:

More so related to employment and demand.  Everyone knows that.

 

Excessive government stimulus does not drive demand?  

[maesariang]

13 minutes ago, bkk6060 said:

More so related to employment and demand.  Both of which were Pandemic related.  Everyone knows that.

https://mitsloan.mit.edu/ideas-made-to-matter/federal-spending-was-responsible-2022-spike-inflation-research-shows

 

Our research shows mathematically that the overwhelming driver of that burst of inflation in 2022 was federal spending, not the supply chain,” said Mark Kritzman, a senior lecturer at MIT Sloan. 

Edited August 29 by maesariang

[TedG]

3 hours ago, Roo Island said:

Bidenomics! Thanks!

 

On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million.

The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its conclusions on 24 million 401(k) accounts across the 26,000 employer-sponsored plans that it administers.

As of June 30, nearly half a million 401(k) accounts (497,000) had balances of $1 million or more, up 2.5% from the prior quarter. The average balance hit $1,595,200, up from $1,581,000 at the end of March, according to Fidelity’s data.

 

 

BTW..Under Bidenmonics one million dollars has the spending power of 800,000 dollars.   Thanks Joe. 

[maesariang]

Just now, TedG said:

BTW..Under Bidenmonics one million dollars has the spending power of 800,000 dollars.   Thanks Joe. 

Kamala supported it. Thanks Kamala.

[Roo Island]

5 hours ago, Chwooly said:

MY 401K was at it's high on Nov 16 2021. And at it's lowest on Jan3 2023. It has made significant gains since Jan 3rd However it is still way below 2021 levels. I can't remember who was in office at that time? Who has been in office for the past 3 years?

Mine is way over the amount back in November 2021. Way over.

[Roo Island]

2 hours ago, TedG said:

 

A million is not what is used to be.   

But sure nice to have a few!

[Roo Island]

1 hour ago, TedG said:

BTW..Under Bidenmonics one million dollars has the spending power of 800,000 dollars.   Thanks Joe. 

That's true around the world. Thanks covid and those in power denied the severity. Remember when it would magically disappear by Easter? 😝

[Roo Island]

2 hours ago, maesariang said:

https://mitsloan.mit.edu/ideas-made-to-matter/federal-spending-was-responsible-2022-spike-inflation-research-shows

 

Our research shows mathematically that the overwhelming driver of that burst of inflation in 2022 was federal spending, not the supply chain,” said Mark Kritzman, a senior lecturer at MIT Sloan. 

Cherry pick much? From your article.

 

Increased federal spending helped the economy bounce back during the pandemic

[TedG]

3 minutes ago, Roo Island said:

Cherry pick much? From your article.

 

Increased federal spending helped the economy bounce back during the pandemic

The article attributes 47% of inflation to federal spending. 

[Roo Island]

3 minutes ago, TedG said:

The article attributes 47% of inflation to federal spending. 

And 100% of the economic recovery t it also

[TedG]

10 minutes ago, Roo Island said:

And 100% of the economic recovery t it also

It did not say that.  

[Roo Island]

4 minutes ago, TedG said:

It did not say that.  

Worth a read. As normal, it's not easy and hindsight is always 20/20.

 

https://www.brookings.edu/articles/the-fiscal-policy-response-to-the-pandemic/

 

Romer argues that pandemic recessions are fundamentally different from ordinary recessions, and thus require different policy responses. She writes: “The unique characteristics of a pandemic recession imply that fiscal policy during a pandemic should be geared much more toward helping those who are directly harmed rather than toward increasing aggregate demand more generally. That is, it should be aimed at providing social insurance rather than broad stimulus.”

The $599 billion added to the federal deficit to pay for public health measures was “clearly necessary and valuable,” she writes. “Because both the recovery of demand and the safe pace of economic growth depend on getting the virus under control, it was imperative to take aggressive action on public health measures.” Likewise, the expansion of unemployment insurance, at $748 billion, was “clearly appropriate to the unique circumstances of the pandemic.” Also, federal aid to state and local governments ($597 billion) was a cost-effective way to help them meet pandemic-related needs, offset lost tax revenue, and avoid layoffs.

[TedG]

6 minutes ago, Roo Island said:

Worth a read. As normal, it's not easy and hindsight is always 20/20.

 

https://www.brookings.edu/articles/the-fiscal-policy-response-to-the-pandemic/

 

Romer argues that pandemic recessions are fundamentally different from ordinary recessions, and thus require different policy responses. She writes: “The unique characteristics of a pandemic recession imply that fiscal policy during a pandemic should be geared much more toward helping those who are directly harmed rather than toward increasing aggregate demand more generally. That is, it should be aimed at providing social insurance rather than broad stimulus.”

The $599 billion added to the federal deficit to pay for public health measures was “clearly necessary and valuable,” she writes. “Because both the recovery of demand and the safe pace of economic growth depend on getting the virus under control, it was imperative to take aggressive action on public health measures.” Likewise, the expansion of unemployment insurance, at $748 billion, was “clearly appropriate to the unique circumstances of the pandemic.” Also, federal aid to state and local governments ($597 billion) was a cost-effective way to help them meet pandemic-related needs, offset lost tax revenue, and avoid layoffs.

 

The feds spent 5.5 trillion during the pandemic. 

[Roo Island]

2 minutes ago, TedG said:

 

The feds spent 5.5 trillion during the pandemic. 

Your point? The economy recovered from the worst pandemic in a century and inflation is now under control. Stocks are up. Jobs are doing ok. Turn off the divisive right wing media outlets. Please

[hotandsticky]

14 minutes ago, Roo Island said:

Your point? The economy recovered from the worst pandemic in a century and inflation is now under control. Stocks are up. Jobs are doing ok. Turn off the divisive right wing media outlets. Please

 

 

That's the spirit - keep those blinders on.

 

Impending recession?..............................what recession?