MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Ben Carlson: How Hard Is It To Become A 401(k) Millionaire?

TedTed
in The Bullpen
FYI: The current retirement system leaves much to be desired.

There are a decent number of people taking advantage of tax-deferred savings vehicles but it’s a fairly small number that ever reaches millionaire status in these accounts.

In Fidelity’s defined contribution plan, there are roughly 157,000 people who have saved at least $1 million in their 401(k). There are another 148,000 people who have saved $1 million or more in an IRA. That’s only 1% or so of Fidelity’s total retirement plan participants.
Regards,
Ted
Sign In or Register to comment.