Personal Finance

3748 readers

8 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

[email protected]

nieceandtows

[email protected]

401(k) millionaires are on the rise after taking a hit last year. Boomers are leading the way (fortune.com)

submitted 1 year ago by [email protected] to c/[email protected]

9 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 5 points 1 year ago (2 children)

It's not just boomers.

Young savers have done especially well. Gen Z saw a 66% increase in average 401(k) balances compared to a year ago, while millennials saw a 24.5% increase. Average Gen X balances were up 14.5%, and baby boomers saw an average increase of 6.3% compared to a year ago.

Source from Fidelity (PDF)

[–] [email protected] 2 points 1 year ago

I'll be curious to see what these numbers look like once student loan repayments start back up in October. I know I'm personally going to have to cut back my 401(k) contributions - which I increased during the payment pause over the last few years - in order to resume my payments, even with an IDR plan.