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401(k) millionaire ranks grew 11.5% in 2023. They are 'poster children for staying the course,’ expert says - TL;DR CNBC

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) planspersonal savingnasdaq incindividual retirement accountsbusiness newspersonal financemarketss&p 500 indexliferetirement planninginvestment strategykevin barryinflationeconomic eventsdow jones industrial averagefidelity national information services inc

Source: https://www.cnbc.com/2024/02/27/401k-millionaires-and-average-balances-rose-in-2023-fidelity-says.html


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