Inventory market development has boosted 401(ok) balances and led to a file variety of accounts over the $1 million mark.
On the finish of the primary quarter, Constancy stories that 485,000 accounts had seven-figure balances, which is a 15% enhance from the tip of 2023 when there have been 422,000 401(ok) millionaires. A yr in the past, there have been 340,000, based on the funding agency.
Whereas solely a small proportion of Individuals have reached the $1 million greenback milestone for 401(ok)s, nearly all of individuals with any sum of money in a retirement account has benefited from the rise in inventory costs. The S&P 500 index gained greater than 10% within the first quarter, and is up 26% over the previous 12 months.
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