The variety of millionaires within the retirement plan has reached an all-time excessive Private Finance
Many people aim to retire with savings of at least $ 1 million. And given the cost seniors face, this isn’t a stupid goal. It is also by no means impossible to achieve.
Case in point: the number of Fidelity retirement plans with a balance of $ 1 million or more has reached an all-time high. Specifically, there were 365,000 401 (k) plans of $ 1 million or more in the first quarter of 2021. Meanwhile, IRAs rose by $ 1 million or more to $ 307,600, which is also a record.
Overall, the total number of retirement plans worth $ 1 million or more has more than doubled year over year. And that’s pretty impressive given the success the stock market suffered at the start of the pandemic, and given the fact that many people either had to resort to their retirement plans early to deal with the coronavirus outbreak or pause their posts to focus on near-term needs, such as emergency savings.
Here’s how to bring your retirement plan to $ 1 million
If you want to join the ranks of these people with savings of at least $ 1 million, you should take a simple two-step approach: