"Stock Market Rally Propels 401(k) Savers to Millionaire Status"
TL;DR
The stock market's resilience in the first half of 2023 has contributed to gains for 401(k) savers, with the average balance increasing by 4% from the first quarter and 8.3% from the second quarter of last year, according to Fidelity Investments. The average balance for individual retirement accounts (IRAs) also rose by 5% from the first quarter. The strong performance of the stock market, along with a savings rate of 13.9%, has helped boost retirement account balances.
Topics:businessfinance#401k-savers#finance#resilient-economy#retirement-accounts#savings-rate#stock-market
- A resilient stock market helped boost gains for 401(k) savers in the first half of 2023 Yahoo Finance
- 401K millionaires on the rise: Fidelity Yahoo Finance
- How Much Do I Need for Retirement: 401(k) Millionaires Rebound on Stock Gains Bloomberg
- America's retirement millionaires: Number of 401(K) savers with seven figure balances has shot up by 25% this year thanks to stock market rally - with more than 700,000 retirement accounts holding $1 million and more Daily Mail
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