The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.
All told, there were 422,000 retirement savers in Fidelity 401(k) plans sporting balances of seven figures and beyond as of Dec. 31, up from 349,000 at the end of September and 299,000 at the end of 2022.
And there are more than that, most likely, as some savers have IRAs and Roths with different companies.
This sounds crass even typing it, but a million bucks ain’t what it used to be. Definitely doesn’t make me feel wealthy. The “on paper” descriptor is very apt.
Today’s $1MM is $760K from 10 years ago.
In the year 2000, $547K was sufficient to be equivalent to today’s millionaires club.
You need almost $1.9MM today to be on equal footing as the fictional millionaire person in Y2K.
Try this. Put your birth month and year and $1,000,000 into the calculator to see what the equivalent is now.
Tell me about it. Sounds and looks good but not as significant as it once was.