• AutoTL;DR@lemmings.worldB
    link
    fedilink
    English
    arrow-up
    4
    arrow-down
    2
    ·
    1 year ago

    This is the best summary I could come up with:


    But this year brings better news: account balances are growing by double digits over the past 12 months.

    The growth is so strong, in fact, that the share of 401(k) millionaires has grown by 25% so far this year, according to Fidelity Investments’ Q2 2023 retirement analysis.

    Of course, there are many people in the U.S. who do not have a retirement account at all, and balances vary significantly depending on factors like age, profession, and income.

    The total contribution rate—which combines employee and employer contributions—for the second quarter was 13.9%, in line with what many experts advise (Fidelity suggests 15%).

    “A million dollars isn’t what it used to be, but it can still provide a comfortable retirement if done right,”Gates Little, president and CEO at the Southern Bank Company, previously told Fortune.

    “While everyone’s financial situation is different, Fidelity suggests taking a long-term approach to saving and avoiding making changes based on short-term economic swings—positive or negative,” the report reads.


    I’m a bot and I’m open source!