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.
There’s nothing special about hitting the $1 million mark. Most people will likely never get there (the current number of millionaires in the U.S. is around 5% of the population or 1 out of 20 people) while for some it’s not enough to keep up with their lavish lifestyles.
I wanted to run the numbers to see how feasible it would be for people of different age ranges and saving styles to hit this big round number.
Regards,
Ted
https://awealthofcommonsense.com/2019/04/how-hard-is-it-to-become-a-401k-millionaire-2/
