The number of 401(k) millionaires hits an all-time high

Yappi

Yappi

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The number of Fidelity 401(k) plans with a balance of $1 million or more jumped to a record 196,000 as of June 30, up 17% from 168,000 last year, according to a new report by Fidelity, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 30 million retirement accounts altogether.

In addition, the number of individual retirement account millionaires increased to 179,700, also an all-time high.
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www.cnbc.com

The number of 401(k) millionaires hits an all-time high

To reach the seven-figure mark, increase your contributions amount by a little bit every year, Fidelity's Katie Taylor says.
www.cnbc.com www.cnbc.com
 
 
I would recommend that those millionaires sell a fair portion of their stocks and buy a couple hundred thousand of muni bonds just to cover their a**es.
 
And the democrats know who every one of these people are. And they're coveting those assets.

This is why you should take SS at 62 if you happen to be one of those 401K "millionaires". The odds they will means test using retirement accounts as the "means" is pretty good IMO. So take the money ASAP.
 
arizonawildcat said:
I would recommend that those millionaires sell a fair portion of their stocks and buy a couple hundred thousand of muni bonds just to cover their a**es.
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Depends on their age and financial goals. There's no need to turn conservative on their investing approach if they are in their 40's or younger.
 
lotr10 said:
And the democrats know who every one of these people are. And they're coveting those assets.

This is why you should take SS at 62 if you happen to be one of those 401K "millionaires". The odds they will means test using retirement accounts as the "means" is pretty good IMO. So take the money ASAP.
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This. We are looking at it for just this reason, officially my retirement age is 67. All it would take is a brain fart during some future election day and the Dem-Socialists will be taking that promise away from the people that have paid in.
 
Just imagine how much more each individual would have if the SSI tax from the worker and the employer was also added to the 401k.

The theft of our labor by the government is despicable.
 
Yorktown said:
Just imagine how much more each individual would have if the SSI tax from the worker and the employer was also added to the 401k.

The theft of our labor by the government is despicable.
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The old Levites did it all on 10%, preaching included. Imagine that ?

This would require a very gradual transition to keep from double-screwing those of us that have paid SS for 40+ years already. I'm all in at this point.


As an even BIGGER concern for such a paradigm shift, campaign finance reform would be needed FIRST. Think about how such a transition would actually have to work. Market oversight is already "crooked", and it has been since Grasso. Just new crooks. Government would just have to provide the self-directed investor with a menu of approved investment choices. That would likely be a Congressional Committee. The push by corporations to be on that list would be tremendous.
 
The math on SS doesn’t add up... paper money becoming “real” money will cause currency devaluation on a massive scale. Wiemer republic residents would’ve bought bitcoin
 
If my SS contributions plus my matching employer contributions were in my own investment account; I could retire at 66 and receive twice as much per month, and then leave nearly the entire nest egg to my children when I die at 88.

The SS ponzi scheme needs to be eliminated and replaced with private accounts. Keep government the hel! out of our retirement funds.
 
cabezadecaballo said:
Vanguard even has state-specific muni- bond funds that avoid taxes in one's home state. Ohio's contains a nice array of successful 'Pub run cities.
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Please name these cities?

Hint the detail detail detail of the pension and vac/sick time that city owns is a lot. and is not carried on the city books.

so name the cities in Ohio and I will get the details to show you how much money in hole that city is in...
 
cabezadecaballo said:
The old Levites did it all on 10%, preaching included. Imagine that ?

This would require a very gradual transition to keep from double-screwing those of us that have paid SS for 40+ years already. I'm all in at this point.


As an even BIGGER concern for such a paradigm shift, campaign finance reform would be needed FIRST. Think about how such a transition would actually have to work. Market oversight is already "crooked", and it has been since Grasso. Just new crooks. Government would just have to provide the self-directed investor with a menu of approved investment choices. That would likely be a Congressional Committee. The push by corporations to be on that list would be tremendous.
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we could have change SS in the lat 1980 or 1990 but no one want to do it.
 
Qcity said:
If my SS contributions plus my matching employer contributions were in my own investment account; I could retire at 66 and receive twice as much per month, and then leave nearly the entire nest egg to my children when I die at 88.

The SS ponzi scheme needs to be eliminated and replaced with private accounts. Keep government the hel! out of our retirement funds.
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I could have retired 5 years ago if I'd have had control of even half of mine and my employers contributions to SS over the 1st 30 years of my working life. And what I would be living on would never require dipping into the principal. Leaving money that could be passed to my heirs.
 
sig4969 said:
we could have change SS in the lat 1980 or 1990 but no one want to do it.
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right

Few people over 48 ever do, in any generation ?‍♂️ The day will come when even OBCDEFG realizes he's all-in with SS


Dorothy Fuldheim had a better plan before she had wrinkles, and that was WAY before the IRA and 401k. Most likely a DJIA under 750 at that point.


è acqua passata
 
Right now, social security in the General Fund is essentially a regressive income tax on the middle class. EVERY piece of the Federal government loves it in their heart of hearts.

'Pubs already in office that claim differently, 9+ out of 10, are simply pandering. They will NEVER touch the third rail of American politics. Never.
 
sig4969 said:
Please name these cities?

Hint the detail detail detail of the pension and vac/sick time that city owns is a lot. and is not carried on the city books.

so name the cities in Ohio and I will get the details to show you how much money in hole that city is in...
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First, Scooter, go check the bond ratings for what bonds Ohio's cities issue to finance their in-the-hole expenditures. That is ALL that matters. Bonds ARE debt, so.........


Then maybe you'll understand the post you quoted a bit better.
 
These same people the give "bond rating" also gave AA rating to mortgage funds how did that work out???

just give couple of cities names I will do the work and show you details

Would you give a loan to person making 19,000 but have out standing debt of 23,000 ?
 
sig4969 said:
These same people the give "bond rating" also gave AA rating to mortgage funds how did that work out???

just give couple of cities names I will do the work and show you details

Would you give a loan to person making 19,000 but have out standing debt of 23,000 ?
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Cool couple of strawmen in a row, bro, but you can go play with them yourself. Don't be an idiot.

You quoted my post that responded to azw. He suggested muni- bonds, and I suggested state-specific bond funds to diversify, be very time-flexible, and to avoid both federal and state taxes.

Here is how mine returns annually averaged over several time periods - VOHIX ; ytd @ 7.97%, 1 yr @ 7.87%, 5 yr @ 4.42%, 10 yr @ 4.93%, and 5.80% since inception in June of '90. Not big numbers, but an income source not subject to taxation - at all, ever - because I live in a township. Whatever it makes is re-invested back into it, and it grows tax free with very low fees taken. When I need to withdraw funds from somewhere and my tax exposure is looking to be getting too high, I'll go here. Get it ?

Every city owes, because it's about cash flow. Some get too aggressive or are too stupid to see the flow reducing.

You can be sure that you're not likely to find bonds from Y-town or Massillon in VOHIX. Or Detroit in the Michigan fund. Get it ?
 
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