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

[TedG]

44 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

 

1) The economy recovered after the shutdowns ended.

2)  The damage from 20.8% inflation will linger longer.  

3) Tell me about the right-wing talking points.

[Roo Island]

47 minutes ago, hotandsticky said:

 

 

That's the spirit - keep those blinders on.

 

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

I've been hearing that for years. But as history shows, one will happen eventually.

[Roo Island]

17 minutes ago, TedG said:

 

1) The economy recovered after the shutdowns ended.

2)  The damage from 20.8% inflation will linger longer.  

3) Tell me about the right-wing talking points.

Link...

[hotandsticky]

2 minutes ago, Roo Island said:

I've been hearing that for years. But as history shows, one will happen eventually.

 

 

....even a broken clock is right twice a day.........................

[Roo Island]

1 hour ago, hotandsticky said:

 

 

....even a broken clock is right twice a day.........................

So you're saying history doesn't show recessions happen frequently? Ya gotta be kidding me. Obviously not an economist

[hotandsticky]

11 hours ago, Roo Island said:

So you're saying history doesn't show recessions happen frequently? Ya gotta be kidding me. Obviously not an economist

 

 

I didn't say that - but thanks for putting words in my mouth.

[khunjeff]

14 hours ago, Roo Island said:

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

 

Same - mine reached its all-time high one week ago.

[Patong2021]

19 hours 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? 

The affordable health care act has been a success with 45 million people now insured.

Would you rather that they not have access to affordable health care?

[Wrwest]

18 hours ago, eddyod said:

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.

Involves Social Security ... 3rd rail so avoided in discussion.

[john donson]

21 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.

 

 

 

why would biden or any president have anything to do with the people working , earning

 

government STEALS a big chunk of your salary and plays santa claus with it, first themselves, their friends, businesses...

 

[newnative]

18 hours ago, 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 

     Maybe instead of blaming Biden for the poor performance of your 401k you should lay the blame on whomever is managing your account--because they are doing a lousy job if your 401k has not increased in value the last couple of years.  I don't have a 401k but I do have a stock portfolio of about 40 stocks and Schwab tells me it has increased 16% in the last two years; and I'm no financial wiz.  How did your 401k do the last 2 years?  That should be a good gauge, with things getting back to normal after covid.

[Will B Good]

1 minute ago, newnative said:

     Maybe instead of blaming Biden for the poor performance of your 401k you should lay the blame on whomever is managing your account--because they are doing a lousy job if your 401k has not increased in value the last couple of years.  I don't have a 401k but I do have a stock portfolio of about 40 stocks and Schwab tells me it has increased 16% in the last two years; and I'm no financial wiz.  How did your 401k do the last 2 years?  That should be a good gauge, with things getting back to normal after covid.

 

 

Most of my pennies are in US related funds.....and I've seen a 10-17% increase in the last 12 months....well pleased.

 

 

[Yellowtail]

I am with Fidelity, and my 401K hit it's all time high this past July. 

 

I doubt Fidelity reported how many fewer 401k millionaires there were in Q4 of '23 than there were in Q3 of '23. 

 

Yes, the market has continued to go up. 

 

Did anyone think the rich would not keep getting richer under the party of the rich? 

 

 

 

 

[Yellowtail]

37 minutes ago, Will B Good said:

 

 

Most of my pennies are in US related funds.....and I've seen a 10-17% increase in the last 12 months....well pleased.

 

 

And it would likely be half of that if you went back 30 months. 

 

Has anyone argued the market is not doing well?

 

 

[Chwooly]

56 minutes ago, newnative said:

     Maybe instead of blaming Biden for the poor performance of your 401k you should lay the blame on whomever is managing your account--because they are doing a lousy job if your 401k has not increased in value the last couple of years.  I don't have a 401k but I do have a stock portfolio of about 40 stocks and Schwab tells me it has increased 16% in the last two years; and I'm no financial wiz.  How did your 401k do the last 2 years?  That should be a good gauge, with things getting back to normal after covid.

Actually I am doing quite well in terms of performance for the year, What I am complaining about I am still not at the level I was back in 2021. 

[Yellowtail]

1 minute ago, Chwooly said:

Actually I am doing quite well in terms of performance for the year, What I am complaining about I am still not at the level I was back in 2021. 

You should consider changing funds. 

[Will B Good]

1 hour ago, Yellowtail said:

And it would likely be half of that if you went back 30 months. 

 

Has anyone argued the market is not doing well?

 

 

 

 

No idea.

[Yellowtail]

5 hours ago, Will B Good said:

 

 

No idea.

Clearly

[Celsius]

Great news.

 

Now, stop using agents to deposit money for ur retirement visa 😧

[Roo Island]

14 hours ago, john donson said:

 

why would biden or any president have anything to do with the people working , earning

 

government STEALS a big chunk of your salary and plays santa claus with it, first themselves, their friends, businesses...

 

You believe in Santa? Makes sense from your post

[Roo Island]

8 hours ago, Yellowtail said:

I am with Fidelity, and my 401K hit it's all time high this past July. 

 

I doubt Fidelity reported how many fewer 401k millionaires there were in Q4 of '23 than there were in Q3 of '23. 

 

Yes, the market has continued to go up. 

 

Did anyone think the rich would not keep getting richer under the party of the rich? 

 

 

 

 

The party of the rich is the GOP. You seem to have forgot what Trump did. Or just ignored it.

 

https://www.brookings.edu/articles/the-middle-class-needs-a-tax-cut-trump-didnt-give-it-to-them/

 

The middle class needs a tax cut: Trump didn’t give it to them

 

By 2027, benefits of the tax law flow entirely to the rich.

 

At a recent rally in Montana, President Trump claimed that “Republicans passed the biggest tax cuts in American history, the biggest in American history. Everybody in this room is better for them. Everybody is better for them.”

Unfortunately, this isn’t true. Everybody is not better off from the recent tax cuts, which have only served to increase the federal budget deficit—now $779 billion for FY 2018 according to new data released by the Treasury Department. To be sure, the middle class gets help temporarily, but over the longer run, the middle class will be worse off.

[newnative]

15 hours ago, Chwooly said:

Actually I am doing quite well in terms of performance for the year, What I am complaining about I am still not at the level I was back in 2021. 

     Yes, 2024 has been great so far, which is all the more reason that you should be well ahead of your 2021 level.  To give another example, in addition to my stock portfolio, I have a modest TIAA-CREF account.  Back in 2021, the account value was around $34, 500.  Today, it's a little over $47,000, after taking a mandatory withdraw. 

     So, $34,500 when Biden started his presidency and now at $47,000.  I didn't bother to check a third mutual fund account I have with American Century but I know the current 2024 figure is higher than in 2021.  As I said in my original post, instead of blaming Biden for the performance of your 401k, I think the blame lies with whomever is managing it.

[Yellowtail]

10 hours ago, Roo Island said:

The party of the rich is the GOP. You seem to have forgot what Trump did. Or just ignored it.

 

https://www.brookings.edu/articles/the-middle-class-needs-a-tax-cut-trump-didnt-give-it-to-them/

 

The middle class needs a tax cut: Trump didn’t give it to them

 

By 2027, benefits of the tax law flow entirely to the rich.

 

At a recent rally in Montana, President Trump claimed that “Republicans passed the biggest tax cuts in American history, the biggest in American history. Everybody in this room is better for them. Everybody is better for them.”

Unfortunately, this isn’t true. Everybody is not better off from the recent tax cuts, which have only served to increase the federal budget deficit—now $779 billion for FY 2018 according to new data released by the Treasury Department. To be sure, the middle class gets help temporarily, but over the longer run, the middle class will be worse off.

Over 95% of taxpayers benefited from the Trump tax cuts, and tax revenue increased. 

"Contrary to Democrat talking points, middle-class families benefited substantially from the Trump tax cuts. If the lower individual income tax rates expire and are allowed to rise, the average family of four earning $75,000 would pay $1,500 more in taxes."

Six Key Hearing Moments – Expanding on the Success of the 2017 Trump Tax Cuts – Ways and Means (house.gov)

 

If the GOP is the party of the rich, how it is the left raises so much more money? 

 

 

[Roo Island]

5 hours ago, Yellowtail said:

Over 95% of taxpayers benefited from the Trump tax cuts, and tax revenue increased. 

"Contrary to Democrat talking points, middle-class families benefited substantially from the Trump tax cuts. If the lower individual income tax rates expire and are allowed to rise, the average family of four earning $75,000 would pay $1,500 more in taxes."

Six Key Hearing Moments – Expanding on the Success of the 2017 Trump Tax Cuts – Ways and Means (house.gov)

 

If the GOP is the party of the rich, how it is the left raises so much more money? 

 

 

A republican created document that just bashes the dems. A less biased link would be appropriate.

[gamb00ler]

On 8/29/2024 at 12:43 PM, 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?

My memory is also weak lately.  Who was in charge of the 401k portfolio from late 2021 to jan 2023?  Did you have one of the three portfolio managers who don't know that rising interest rates negatively impact market valuations?

Edited August 31 by gamb00ler