Stock market growth has boosted 401(k) balances and led to a record number of accounts over the $1 million mark.
At the end of the first quarter, Fidelity reports that 485,000 accounts had seven-figure balances, which is a 15% increase from the end of 2023 when there were 422,000 401(k) millionaires. A year ago, there were 340,000, according to the investment firm.
While only a small percentage of Americans have reached the $1 million dollar milestone for 401(k)s, the majority of people with any amount of money in a retirement account has benefited from the rise in stock prices. The S&P 500 index gained more than 10% in the first quarter, and is up 26% over the past 12 months.
It’s encouraging to see more individuals achieving substantial balances in their 401(k) accounts due to the positive performance of the stock market. However, for those who may need financial assistance before retirement, such as with unexpected expenses or emergencies, applying for a payday loan can provide a quick solution.
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