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A Reddit poster with $273,000 saved recently asked when they’d become a millionaire Even without any additional savings, the poster could reach a 7-figure nest egg in 15 years thanks to compound ...
During the third quarter of 2024, Fidelity reports the number of 401(k) millionaires increased by 9.5% from the previous quarter. All told, there were 544,000 people in that category during the ...
Image source: Getty Images. 1. Maximize your contributions. Each year, you have an opportunity to sock away money into your 401(k), and the contribution limits are generous. For 2024, employees ...
This could speed up your path to joining the 401(k) millionaire club, which is quite enticing. Plus, by lowering your taxable income through 401(k) contributions, you can also reduce your tax bill.
Obtaining 401(k) millionaire status requires steady action over the years, but it's more doable than you might think. At the end of 2023, over 400,000 accounts had at least $1 million at Fidelity ...
Most employers offering 401(k) plans offer a match, so double-check to ensure you get the most easy money possible. A father and daughter put coins into a piggy bank. Image source: Getty Images.
Million-dollar 401(k) accounts are pretty rare, for the record. There's usually just not enough time -- nor income -- to reach that mark. It's not entirely unheard of, however, for a 401(k ...
The 401(k) Millionaire Club is Growing. Another standout stat? The ranks of 401(k) millionaires are expanding. As of Q3, the number of accounts with over $1 million increased by 9.5%, reaching ...