| Stock market rebound put more workers into 401(k) millionaires club

  • 📰 washingtonpost
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 72%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

New data from Fidelity Investments found the number of employees with 401(k) balances over $1 million spiked 26 percent in the first half of the year.

Legislation

Despite the increase in retirement account balances in the first half of the year, it might be hard to see those gains drop again because of market volatility. But this is when you have to calm yourself.Last fall, when stocks began to recover, many investors had themselves convinced that we’d be dealing with runaway inflation for a while or that the economy was headed for a recession, according to Christine Benz, director of personal finance and retirement planning for Morningstar.

If you want more personal finance advice that's timeless, order your copy of Michelle Singletary's Money Milestones. Inflation isn’t where the Federal Reserve wants it to be, but it’s been coming down. Prices rose 3.2 percent in July, the first year-over-year increase after 12 months of declines but far“If you wait until everything is lining up in favor of stocks, you’ve often missed the best part of the rally,” Benz said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 95. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock-Market Rally Makes More 401(k) Savers MillionairesThe average retirement saver with a seven-figure balance is 59 years old.
Source: WSJ - 🏆 98. / 63 Read more »

401(k) and IRA millionaires jump in the second quarter, thanks to the stock market’s climb and steady worker contributionsThe number of retirement millionaires jumped in the second quarter as improving market conditions and steady contribution rates helped shore up balances
Source: MarketWatch - 🏆 3. / 97 Read more »