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Report
401(k) “millionaires” hit an all-time high
The Street
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5/24/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how people are growing their 401(k) accounts to seven figures.
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:04
Stocks are coming off a losing Thursday on Wall Street, with the Dow posting its worst
00:08
session in over a year, thanks to a steep drop in Boeing shares.
00:13
This came after the company said it would delay plane deliveries.
00:16
While U.S. markets will be closed for Memorial Day on Monday, investors have a busy week
00:20
ahead with a lineup of Fed speakers and a key inflation gauge due Friday.
00:25
This will be crucial ahead of the central bank's June meeting.
00:29
In other news, a record number of Americans will be able to call themselves millionaires
00:34
— well, when they retire, at least.
00:36
According to a new report by Fidelity, there are now more 401k contributors than ever with
00:42
a seven-figure balance.
00:44
485,000 people have an account balance of $1 million or more — that's 43 percent more
00:49
than there were just 12 months ago.
00:52
Fidelity says that record-high contribution levels, along with overall bullish market
00:56
conditions, helped balances reach their highest level since the end of 2021.
01:01
The firm also said it pays to play the long game, saying, quote, "...long-term savers
01:06
observe the greatest improvement, which is good news, especially for the more than 4.9
01:11
million workers that have been in their 401k plans for five years or more."
01:16
For the average account with over $1 million in retirement savings, Fidelity revealed the
01:21
account holders have been saving for 26 years and contributing 17 percent of their income.
01:28
Fidelity's report also revealed the average balance for the 401k millionaires is $1.58
01:33
million and the average savings rate for all 401k contributors, including employer matches,
01:39
is at a record 14.2 percent.
01:43
Retirement experts say the recommended savings rate is 15 percent.
01:47
It is important to note, as one retirement expert recently told us, only half of all
01:51
American households have employer-backed retirement accounts.
01:55
And that'll do it for your daily briefing.
01:56
From the New York Stock Exchange, I'm Conway Gittins with The Street.
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