Number of 401(k) millionaires reaches record high — MarketWatch
The number of participants in 401(k) retirement plans whose savings reached $1 million or more hit a record level in the second quarter. Retirement savings overall remained near historic highs, investment company Fidelity Investments reported.
Long-term goals
As MarketWatch reports, investors remained focused on long-term goals despite persistent concerns about the broader economic situation. The rise in the number of 401(k) millionaires occurred amid high levels of retirement savings.
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People's concerns
Fidelity Vice President of thought leadership Mike Shamrell said that people are concerned about the cost of living, inflation and the geopolitical situation. At the same time, he said, when people are asked about their personal situation, they assess it somewhat more positively.
The article also notes that loans and hardship withdrawals increased slightly. This is happening at the same time as retirement plan participants continue to focus on long-term goals.
