All articles tagged with #fidelity investments
Originally Published 1 year ago — by Bloomberg
Vanguard Group has appointed Joanna Rotenberg, a former executive from Fidelity Investments, to lead its newly created advice and wealth management division. Rotenberg, who will start in January, has previously held senior positions at BMO Financial Group and McKinsey & Co.
Originally Published 1 year ago — by CNN
A record 485,000 401(k) participants now have balances over $1 million, a 15% increase from the end of 2023, according to Fidelity Investments. The average balance for these "millionaires" is $1.58 million, with long-term saving and high contribution rates being key factors. Overall, 401(k) balances have risen, with the average balance reaching $125,900, driven by record-high contributions and positive market conditions. However, retirement readiness remains a concern for many U.S. workers, especially those without access to workplace savings plans.
Originally Published 1 year ago — by Fox Business
Americans' retirement account balances have reached their highest levels since late 2021, driven by increased savings rates and positive market conditions, according to Fidelity Investments' Q1 2024 Retirement Analysis. Average 401(k) and IRA balances saw significant growth, with Gen X savers surpassing baby boomers in continuous 15-year savings. The market's resilience and potential Federal Reserve rate cuts have contributed to these gains, though future economic challenges remain.
Originally Published 1 year ago — by Newser
According to a survey by Northwestern Mutual, Americans believe they will need $1.46 million to retire comfortably, a 15% increase from last year's estimate. However, the average retirement savings for those surveyed is only $88,400, highlighting a significant gap between retirement goals and reality. Baby boomers expect to need $990,000, while Millennials estimate $1.65 million, and younger generations are starting to save earlier. Fidelity Investments recommends saving 10 times one's salary by age 67, with the assumption that these savings would cover 45% of income during retirement, with Social Security making up the rest.
Originally Published 1 year ago — by Yahoo Finance
BlackRock Inc.'s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) have captured 79% of total inflows into the “Newborn Nine” Bitcoin ETFs since the US SEC approved the assets in January. With Bitcoin's surge, retail investors are flocking to these new ETFs, prompting fee cuts from other funds to compete. Grayscale's Bitcoin trust, now an ETF, has seen outflows, while BlackRock's IBIT fund is pulling ahead of Fidelity to dominate the sector, with BlackRock winning $612 million of new investment on Feb. 28.
Originally Published 1 year ago — by CNN
Fidelity Investments reported a 41% increase in the number of 401(k) accounts with balances of at least $1 million in 2023, with the average account balance for this group reaching $1,551,300 in the fourth quarter. Strong market performance, steady savings rates, and employer contributions contributed to the growth, with the average 401(k) balance rising to $118,600 at the end of the fourth quarter. However, despite the positive trend, a significant portion of the US working population still does not participate in employer-sponsored retirement plans.
Originally Published 1 year ago — by CNBC
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.
Originally Published 1 year ago — by Yahoo Finance
The number of Americans with $1 million or more saved in their 401(k) accounts increased by 20% from September to December, reaching 422,000 individuals by the end of 2023, according to Fidelity Investments. The average account balances for retirement savers also reached a two-year high, with more than a third of workers increasing their retirement savings contribution rate in 2023. The surge in balances was attributed to improving market conditions and increased contributions, with 78% of 401(k) savers contributing enough to secure full matching contributions from their employers. The average savings tenure of 401(k) millionaires is 26 years, emphasizing the importance of consistent long-term contributions, and nearly half of these millionaires are boomers. Experts advise those nearing retirement to consider rebalancing their portfolios and moving some savings into short-term vehicles to prepare for potential market fluctuations.
Originally Published 1 year ago — by The Boston Globe
Fidelity Investments and Deutsche Bank are implementing specific return-to-office mandates, with Fidelity requiring most US employees to be in the office two full weeks out of every four starting in September, and Deutsche Bank mandating managing directors to come in four days a week and other staff members at least three, with a ban on working from home on a Friday followed by a Monday. This move reflects a trend of employers tightening the reins on remote work arrangements, but experts warn that companies risk alienating talent if they don't consider employee preferences for hybrid work.
Originally Published 2 years ago — by Yahoo Finance
Bitcoin has dropped nearly 20% since the launch of the first US spot exchange-traded funds (ETFs) on January 11, with the digital asset trading at $39,718 as of Tuesday. Speculators are exercising caution amid concerns about the impact of these products. Nine new US spot Bitcoin funds began trading on the same day, while the Grayscale Bitcoin Trust converted into an ETF. BlackRock's iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund saw significant inflows, while $2.8 billion exited the Grayscale fund. The recent drop in Bitcoin's price is attributed to macroeconomic conditions, selling pressure from traders, and the FTX bankruptcy estate offloading assets.
Originally Published 2 years ago — by New York Post
Global consultancy firm Bain & Company has been named the best place to work in 2024 by Glassdoor, with a 4.8 out of 5 rating. The list also includes tech companies like NVIDIA, Google, Microsoft, and Apple, which was absent in 2023. In-N-Out Burger ranked sixth, while Fidelity Investments rounded out the top ten. Several tech companies fell off the list, while others such as Samsara, Lenovo, and Texas Children’s Hospital joined the ranking.
Originally Published 2 years ago — by Decrypt
Fidelity Investments has filed for regulatory approval to launch an exchange-traded fund (ETF) that would hold Ethereum, following BlackRock's similar application. The proposed Fidelity Ethereum Fund would track the price of Ethereum and trade on the Cboe BZX Exchange. Fidelity's move comes as the Securities and Exchange Commission (SEC) faces pressure to approve a spot bitcoin ETF. The SEC recently delayed its decision on two spot Bitcoin ETFs, and it remains unclear if the SEC views the ether futures market as mature enough for an ETF. Fidelity, which manages over $11 trillion in customer assets, has been expanding its cryptocurrency business.
Originally Published 2 years ago — by Boston.com
Forbes has released its annual list of the 400 richest people in the United States, and seven of them reside in Massachusetts. The list includes Abigail Johnson, CEO of Fidelity Investments, who is the richest person in Massachusetts with a net worth of $25.5 billion. Other notable individuals on the list include Robert Kraft, owner of the New England Patriots, and members of the Johnson family, who founded and run Fidelity Investments. Overall, the wealthiest individuals in the U.S. have seen their fortunes increase, with technology stocks playing a significant role in their financial success.
Originally Published 2 years ago — by Yahoo Finance
The number of Americans with $1 million or more saved in their 401(k) accounts increased by 10% from April to June, according to Fidelity Investments. Additionally, there was a 13% rise in millionaires with IRA accounts held at the firm during the same period. Overall, retirement account balances increased for all savers, with the number of people hitting the million-dollar mark soaring by 20% in the first half of the year. Factors contributing to these gains include ongoing contributions, positive market performance, and the ability to stick to long-term investing.
Originally Published 2 years ago — by Fox Business
Fidelity Investments reported a double-digit increase in the number of retirement millionaires in the second quarter, with 401(k) millionaires rising by 10% and IRA millionaires climbing by 13%. The average balances in retirement accounts also saw growth, with IRAs increasing by 5% to $113,800, 401(k) accounts rising by 4% to $112,400, and 403(b) accounts spiking by 5% to $102,400. The youngest generation, Generation Z, experienced the largest increase in 401(k) balances at 66%, while baby boomers had the highest total savings rate at 16.6%. Fidelity attributed the growth to steady contributions and positive market conditions.