401(k) millionaire ranks grew 11.5% in 2023. They are 'poster children for staying the course,’ expert says
Publishing timestamp: 2024-02-27 11:32:49
Summary
Retirement 401(k) account balances bounced back in 2023 to highest level in nearly two years, with more than one-third of workers increasing their retirement savings contribution rate. The number of 401(k) millionaires also rose more than 10%. Despite inflation, positive savings behaviors and a great year for major indexes contributed to better outcomes for retirement savers. However, some workers are tapping into their 401(k) accounts, and financial experts advise against it unless in times of real financial need.
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Keywords: 401(k) plans, personal saving, nasdaq inc, individual retirement accounts, business news, personal finance, markets, s&p 500 index, life, retirement planning, investment strategy, kevin barry, inflation, economic events, dow jones industrial average, fidelity national information services inc,