Number of 401K millionaires soars in last quarter 2023

[White 6]

And there's no denying that the majority of Americans are feeling financial pressures, with close to half struggling to make ends meet. That is NOT a good economy, and people tend to vote their pocketbooks.

So while those of us in the top 15% or so might be doing pretty well, and the bottom 15% on welfare are in the same spot as ever, most people are not. And, to quote Judge Judy…

”don’t pee on my leg and tell me it’s raining.”

You are saying half the people you know are financially stressed? I doubt it.

Oh, and I wouldn't pee on your leg. I sure it was a nice leg back in the day, but I have never been into that kind of thing.

 

[jotathought]

Good point. The other game Democrats play is with the term "rich". In speeches "rich" means, millionaires, billionaires, anyone making over $400K. But they really mean anyone paying taxes. So when AOC paints "tax the rich" on her ass, she means Joe and Jane taxpayer, not millionaires.

Exactly .. tax those who provide for those who don't pay income taxes and suck the government tit.

 

[Lisa558]

You are saying half the people you know are financially stressed? I doubt it.

Oh, and I wouldn't pee on your leg. I sure it was a nice leg back in the day, but I have never been into that kind of thing.

No, I didn’t say that. My circle is primarily professionals (now retired) who have grad degrees. I don’t judge by my immediate circle.

I go by polls, one of which I linked to. Fully 40% of Americans are struggling to make ends meet - and that is the real middle America, high school grads with non-professional jobs.

(And nobody ever peed on me….sick behavior. But I did have nice legs back in the day, along with some other things. Ah….to be young.)

 

[MisterBeale]

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

Tell it to the kids.

https://stradaeducation.org/wp-content/uploads/2024/02/Talent-Disrupted.pdf

About half of America's new college graduates are working in high school-level jobs like food service and retail: report​

About half of America's new college graduates are working in high school-level jobs like food service and retail: report

Around 52% of recent graduates in the US start their careers in jobs that don't need a college degree, per a new joint report by two research firms.

www.businessinsider.com

Feb 23, 2024,

 

[White 6]

Tell it to the kids.



View attachment 909552

https://stradaeducation.org/wp-content/uploads/2024/02/Talent-Disrupted.pdf

About half of America's new college graduates are working in high school-level jobs like food service and retail: report​

About half of America's new college graduates are working in high school-level jobs like food service and retail: report

Around 52% of recent graduates in the US start their careers in jobs that don't need a college degree, per a new joint report by two research firms.

www.businessinsider.com

Feb 23, 2024,

Sorry, but heard this most of my life. The college kids, (the ones that didn't major in advance sand box and finger paints, beetle tracking and thumb twaddling) will find a home. It just won't be starting out in the jobs we left, as those that followed us, simply moved up. Some people not only want it all now, but think it should be automatic. Kids straight out of college are a pain in first line mgt, many not fit for a decent supervisory position. They will work up, the way we did, or sit on their ass. There is opportunity out there, often not what they want. Lord knows, I did crap I didn't want to do, in my earlier days.

 

[citygator]

Most of these millionaires vote Democrat.

Most of them live in blue cities.

They get rich while we pay over $200.00 for a 4th of a cart of groceries.
Used to be I tried to keep my grocery bill under $100.00, these days that's next to impossible.
Rich motherfuckers don't feel the pain like we do.


What makes you think any of them are Trump supporters?

Get a better job. You righties just want to be given everything. Well, work or starve you free loader. Lazy righties disgust me.

 

[MarathonMike]

Get a better job. You righties just want to be given everything. Well, work or starve you free loader. Lazy righties disgust me.

You just described a large percentage of Democrat supporters.

 

[citygator]

You just described a large percentage of Democrat supporters.

Guy I quoted isnt a democrat. He is a lazy Republican who doesnt want to work. Stay on topic. How are you doing in this economy? Are you a lazy righty looking for a handout or are you a skilled worker who elevated his job in this historic market?

 

[FranklinRoosevelt_FTW]

With all the unrest in the world the American economy keeps humming along. Of course, uncertainty spooks investors, and with the uncertainty of what could happen in November, I see a downturn in the coming months, no idea of the strength of that however.




The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.

All told, there were 422,000 retirement savers in Fidelity 401(k) plans sporting balances of seven figures and beyond as of Dec. 31, up from 349,000 at the end of September and 299,000 at the end of 2022.

There were also 391,562 IRA millionaires on Dec. 31, up from 338,725 at the end of September and 280,320 at the end of December 2022.

"We are encouraged to see retirement balances increase so dramatically this quarter, reflecting the improving market conditions and enabling retirement savers to see significant gains in their account balances and retirement preparedness," Michael Shamrell, vice president of thought leadership for Fidelity Workplace Investing, told Yahoo Finance.


Retirement savers ended the year with average account balances at their highest level in nearly two years. Adding to that good juju was that more than a third of workers increased their retirement savings contribution rate in 2023.

That’s according to Fidelity’s fourth quarter analysis of savings account balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

Soaring number of Americans are now 401(k) millionaires

The number of retirement savers with $1 million or more in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity.

finance.yahoo.com

Index funds are doing good…. but one important thing to keep in mind is that there’s only a few companies carrying the S&P 500. Most of the S&P 500 is under performing.

And something like 40 or 50% of Americans don’t own stocks.

We are living through one of the toughest times in American history for the middle class.

Homes "unaffordable" in 99% of nation for average American

Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.

www.cbsnews.com

 

[jbrownson0831]

I wonder if it is possible to convince these new millionares, that and everybody around them are doing poorly in this remarkable economy? The GOP has lost the message on this one.

People who can afford to stuff money into their 401ks are likely not feeling the heavy inflation on everyday prices. It's the blue collar stiffs who are suffering and will be voting.

 

[jbrownson0831]

You are saying half the people you know are financially stressed? I doubt it.

Oh, and I wouldn't pee on your leg. I sure it was a nice leg back in the day, but I have never been into that kind of thing.

Its more than half, you are right.

 

[White 6]

People who can afford to stuff money into their 401ks are likely not feeling the heavy inflation on everyday prices. It's the blue collar stiffs who are suffering and will be voting.

Wrong. If you are a full time blue collar worker, you can and should be adding to a 401K through pre-tax dollars or you are a moron, who will not be enjoying a better life at retirement time, probably becoming another burden on society. Income wise, I was a blue collar worker. I am certainly glad I did not take your financial view as remotely valid.
People who say their 401k increase over $1 Million, by enlarge are probably people, that got in the 401K program a long time ago, and actually managed it.

 

[jbrownson0831]

Wrong. If you are a full time blue collar worker, you can and should be adding to a 401K through pre-tax dollars or you are a moron, who will not be enjoying a better life at retirement time, probably becoming another burden on society. Income wise, I was a blue collar worker. I am certainly glad I did not take your financial view as remotely valid.
People who say their 401k increase over $1 Million, by enlarge are probably people, that got in the 401K program a long time ago, and actually managed it.

The morons voted for Biden. When you were "blue collar" inflation wasn't double digits.
You can't put money in 401k when you are living paycheck to paycheck. You may not know anyone like that, I do.

 

[White 6]

The morons voted for Biden. When you were "blue collar" inflation wasn't double digits.
You can't put money in 401k when you are living paycheck to paycheck. You may not know anyone like that, I do.

BS. I lived and worked through the 70s and 80s. Today's inflation isn't sht in comparison, sonny.

 

[Lisa558]

Wrong. If you are a full time blue collar worker, you can and should be adding to a 401K through pre-tax dollars or you are a moron, who will not be enjoying a better life at retirement time, probably becoming another burden on society. Income wise, I was a blue collar worker. I am certainly glad I did not take your financial view as remotely valid.
People who say their 401k increase over $1 Million, by and large are probably people, that got in the 401K program a long time ago, and actually managed it.

The point is that blue-collar workers - or just let‘s expand it and say the non-professional working class - can barely put food on the table and gas in the tank in Biden’s America. Retirement savings?! Furgetaboutit.

Sure, you can argue that they SHOULD have been putting in money all along, but that’s not what is going to impact their vote. They know that food and gas were affordable under Trump, and they’re struggling under Biden.

 

[jbrownson0831]

BS. I lived and worked through the 70s and 80s. Today's inflation isn't sht in comparison, sonny.

Ba
lo
ney
Although when Carter was around it was bad...thats what we have today, Jimmy Carter reincarnated.

 

[Lisa558]

Ba
lo
ney
Although when Carter was around it was bad...thats what we have today, Jimmy Carter reincarnated.

Yup. Under Biden, we hit a 40-year high in inflation. The OP is trying to downplay it and make it as though hardly nobody has suffered.

Even people with a million dollars, while not struggling, are WELL aware of the steep increase in prices.

 

[jbrownson0831]

Yup. Under Biden, we hit a 40-year high in inflation. The OP is trying to downplay it and make it as though hardly nobody has suffered.

Even people with a million dollars, while not struggling, are WELL aware of the steep increase in prices.

They just pretend like it doesn't exist when they post.

 

[odanny]

Even people with a million dollars, while not struggling, are WELL aware of the steep increase in prices.

Just stop already. I don't have that much money and while I notice things in the grocery store are more expensive, my other expenses have not changed much. My electric and food bill is the same, my taxes are the same, and gas is around where it usually is. I'm not feeling any different financially.

Your doom and gloom pronouncements are about as truthful as the man you worship running for President.

 

[Lisa558]

They just pretend like it doesn't exist when they post.

The Dems won’t be able to lie their way through by pretending all is well under Bidenomics because…..people go the grocery stores!