401 (k) Millionaires – Paradise Post
Your workplace retirement account can play a vital role in your overall retirement strategy. However, some have gone further than others with the accounts, especially recently.
CNBC reported on the results that put 401 (k) accounts at record highs, with some even joining the much-desired “two-point club” of 401 (k) millionaires. Average 401 (k) balances jumped 24% from the previous year to $ 129,300. Global contributions have also increased, with a 12% increase in their contributions since last year and 37% of employers putting new employees into company plans. The study uncovered a record 412,000 401 (k) plans with million dollar balances; in total, individual retirement account (IRA) millionaires reached 342,000, another record high.
Part of this represents a correction from 2020 as well as the economic uncertainty encountered during the early days of the global pandemic. People are rethinking their retirement needs and taking advantage of employer matches where appropriate. It also reflects companies that strive to attract employees; even some restaurants are offering 401 (k) plans to their employees these days, with the goal of maintaining staff levels throughout the year.
What does this mean for your overall retirement strategy? I’d be happy to talk to you about that and the many other choices available to you as soon as possible.
Richard H Mootz, CFP® CERTIFIED FINANCIAL PLANNER ™ Professional, is a registered representative and offers securities through Securities America, Inc., a registered broker / dealer, FINRA / SIPC member. Advisory services offered by Securities America Advisors , Inc., An investment advisory firm registered with the SEC. Mootz Financial Solutions and Securities America are not affiliated.
Richard H Mootz, CFP® CERTIFIED FINANCIAL PLANNER ™ professional can be contacted at (530) 877-7007 – by e-mail [email protected] or visit the website at www.mootzfinancialsolutions.com. Securities America and its advisers do not provide tax or legal advice. Please consult your tax or legal professional regarding your personal situation. CA insurance number 0C75924
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