The bull market is minting plenty of millionaires — at least when it comes to retirement accounts.
The number of people with $1 million or more in their 401(k) or individual retirement account on the Fidelity Investments platform reached record levels last quarter, fueled by higher savings rates along with market appreciation, the fund company said in a report Thursday.
Some 233,000 savers held seven-figure 401(k)s as of Dec. 31, up about 17% from the prior quarter. Among IRA holders, 208,000 people made the club, a 14% increase. Investor savings rates have been trending higher in part because employers are automatically increasing their contributions.
Fidelity said the average 401(k) account balance at the end of last year was $112,300, which is also a record high and up 7% from the third-quarter balance of $105,200. The average balance in individual retirement accounts hit a record $115,400, up 5% from the third quarter.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
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