More millionaires than ever

This_person

Well-Known Member
The ranks of 401(k) and IRA millionaires again hit a record high in the second quarter at Fidelity Investments after stocks fully recovered from their losses suffered at the end of 2018.

The number of investors with at least $1 million in their 401(k) accounts rose to 196,000 at the end of the second quarter, up from 180,000 the previous quarter and surpassing the previous record of 187,400 reached in the third quarter of 2018, according to Fidelity.

The tally of IRA millionaires increased to 179,700 from 168,100 in the first quarter. The prior high was 170,400, also achieved in the third quarter of last year. Short for individual retirement account, an IRA is a tax-deferred personal retirement plan sponsored by the government.

That's not all the milestones, either, according to Fidelity's report released Wednesday. Contribution rates and increases also hit record levels.



Don't you hate it when the economy is sooooo bad that we have more people working than ever, more people millionaires than ever, etc.?
 

transporter

Well-Known Member
Don't you hate it when the economy is sooooo bad that we have more people working than ever, more people millionaires than ever, etc.?
Just to point out the stunningly obvious:

1. We are in a 10 year economic expansion

2. We are in a 10 year bull market

3. The largest age cohort in our population is at or near retirement age

We should have more IRA and 401k millionaires.

It is also worth noting:

1. The number was lower in n Q4 of 2018 and Q1 of 2019 than the previous high in Q3 2018. Why was that? Do you have ANY clue? (likely not)

2. Since you can't understand this point, allow me to make it again: the economy is not bad, the economy IS slowing, US economic output is today essentially where it was when Trump was elected (at the time ingorati members like you claimed the economy sucked), the risks of recession are rising, the risks of recession are rising rather quickly, we are at risk of a recession because of Dear Leader's asinine trade policies.

Can you follow that?? Or do you need it drawn in crayon??
 

This_person

Well-Known Member
Can you follow that?? Or do you need it drawn in crayon??
Just to point out the stunningly obvious:

1. We are in a 10 year economic expansion

Did someone deny that?
140104


It's a lot longer than 10 years. It's 10 years since a blip.

The point is, the likes of you say that Trump would destroy the economy, and that hasn't even come close to being kinda-sorta true.


2. We are in a 10 year bull market

As defined by what?

3. The largest age cohort in our population is at or near retirement age

We should have more IRA and 401k millionaires.

And, we do. The predictions of doom seem entirely unfounded. The claims of incompetency seem to be better aimed at some people's mirrors [#cough-YOU-cough#] than at Trump.

It is also worth noting:

1. The number was lower in n Q4 of 2018 and Q1 of 2019 than the previous high in Q3 2018. Why was that? Do you have ANY clue? (likely not)

2. Since you can't understand this point, allow me to make it again: the economy is not bad, the economy IS slowing, US economic output is today essentially where it was when Trump was elected (at the time ingorati members like you claimed the economy sucked), the risks of recession are rising, the risks of recession are rising rather quickly, we are at risk of a recession because of Dear Leader's asinine trade policies.

140105

Can you follow that?? Or do you need it drawn in crayon??

Crayon would not be sufficient. Can you make it blood?
 

LightRoasted

If I may ...
If I may ...

The ranks of 401(k) and IRA millionaires again hit a record high in the second quarter at Fidelity Investments after stocks fully recovered from their losses suffered at the end of 2018.

The number of investors with at least $1 million in their 401(k) accounts rose to 196,000 at the end of the second quarter, up from 180,000 the previous quarter and surpassing the previous record of 187,400 reached in the third quarter of 2018, according to Fidelity.

The tally of IRA millionaires increased to 179,700 from 168,100 in the first quarter. The prior high was 170,400, also achieved in the third quarter of last year. Short for individual retirement account, an IRA is a tax-deferred personal retirement plan sponsored by the government.

That's not all the milestones, either, according to Fidelity's report released Wednesday. Contribution rates and increases also hit record levels.


Don't you hate it when the economy is sooooo bad that we have more people working than ever, more people millionaires than ever, etc.?
Well, as I see it, millionaires that is strictly on paper statements. Amounts which are subject greatly to swings in the markets and especially market crashes. I wouldn't consider myself a millionaire unless I owned tangible, and fungible, assets, with a total value exceeding an equivalent million dollars. And/or had a majority of the cash in hand. I also do not trust anything having to do with the markets, financial institutions, or wall street. To me, handing over and leaving one's money to be controlled, and pooled, by another, is folly. Seeing as that the average person is ignorant and not an educated investor, nor an educated researcher of the markets, trusting someone, or a firm, that profits from one's retirement funds is a stupid endeavor and will only have themselves to blame when things go tits up.
 
Having a million dollars in a retirement fund is just about the bare minimum needed for a decent retirement. Talk to any retirement planner.
 
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