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401(k) Millionaires

401(k) Millionaires

| October 11, 2021
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Your workplace retirement account can play a critical role in your overall retirement strategy. However, some have gone further with the accounts than others, especially recently. 

CNBC reported on findings that place 401(k) accounts at all-time highs, with some even joining the much-desired “two comma club” of 401(k) millionaires. Average 401(k) balances jumped 24% from the previous year to $129,300. Also on the rise were overall contributions, with 12% increasing their contributions since last year and 37% of employers placing new employees into workplace plans. The study discovered a record 412,000 401(k) plans with million-dollar balances; overall Individual Retirement Account (IRA) millionaires reached 342,000, another record.1

Some of this represents a correction from 2020 as well as the economic uncertainty faced during the early days of the global pandemic. People are rethinking their retirement needs and taking advantage of employer matches, if available. It also reflects businesses working to entice employees; even some restaurants are offering 401(k) plans to their workers these days, in a bid to maintain staffing levels year-round.1

What does this mean for your overall retirement strategy? I’d be happy to talk to you about this and the many other choices open to you at your earliest convenience.

 

Contact me with questions or comments. 

Todd Jakubik, CFP®

Certified Financial Planner Professional

Total Financial Concepts, Inc

106 Apple Street

Suite 204

Tinton Falls, NJ 07724

Phone: 732-225-7404

Citations:

  1. CNBC.com, August 19, 2021


Disclosure: This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.


Compliance Note: A1RA-0903-Sep23t

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Securities and Investment Advisory Services offered exclusively through Registered Representatives of Hornor, Townsend & Kent, LLC. (HTK). Registered Investment Advisor, Member FINRA/SIPC. 110 Fieldcrest Avenue, Suite 21, Edison, NJ 08837. (732) 225-0777. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company. Total Financial Concepts, Inc. is not affiliated with HTK. HTK does not offer tax or legal advice. It is important to consult a qualified professional for specific information regarding your personal situation. Our representatives are insurance and securities licensed in their resident state of NJ. Please contact our office for specific state registration and licensing information. This is not an offer or solicitation in any states where not properly licensed and/or registered. 2180831TM_Aug21