"Surge in 401(k) Millionaires: Expert Insights and Strategies"
TL;DR Summary
The number of 401(k) millionaires grew by 11.5% in 2023, with retirement account balances bouncing back and averaging $118,600, according to Fidelity Investments. Positive savings behaviors and a strong year for major indexes contributed to this growth. However, more savers are borrowing from their 401(k) accounts, with the percentage of workers taking loans increasing to 8.9%. Financial experts caution against tapping into retirement savings prematurely, especially with high-interest credit card debt on the rise.
Topics:business#401k#fidelity-investments#finance#financial-planning#retirement-savings#stock-market
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