Have dreams of becoming a 401(k) millionaire? That's still possible. Employers remain committed to 401(k) matches, according to Fidelity. A survey of 302 companies found that 82% aren’t considering any match reduction or suspension to plans.
The global pandemic has turned into one scary roller-coaster ride, but months into the crisis, the argument for investors to keep calm and carry on is sticking.
For those managing to hang onto a job right now, there are threads of hope as financial services giant Fidelity points out that employers look largely dedicated to those vital 401 matches. A survey of 302 attendees representing companies whose plans are managed by Fidelity found that 82% aren’t considering any match reduction or suspension to plans. Fidelity manages 29% of the nation’s 401 or 403b plans.
“With the introduction of target-date funds in 2006, we’ve seen a massive decrease in the number of 401 investors who are over-allocated or under-allocated to equities,” said Murphy. A target-date fund refers to an equity-allocation plan that automatically adjusts investments the closer a person gets to retirement age. In 2002, roughly 49% of the population was holding too much equity for their age range, a figure that now stands at 21%, said Murphy.
While 401 millionaires still only represent roughly 1% of Fidelity’s total retirement-plan participants, the idea both intrigues and inspires others in their quest to reach retirement with enough of a nest egg. But Murphy said investors should remember that while $1 million is a lot of money, it isn’t actually the right amount for everyone, with some needing more or less, depending on the life they want to live in their golden years.
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You don’t have to give up the dream of being a 401(k) millionaireDon't worry, you can still become a 401(k) millionaire. Employers remain committed to 401(k) matches, according to Fidelity. A survey of 302 companies found that 82% aren’t considering any match reduction or suspension to plans.
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You don’t have to give up the dream of being a 401(k) millionaireDon't worry, you can still become a 401(k) millionaire. Employers remain committed to 401(k) matches, according to Fidelity. A survey of 302 companies found that 82% aren’t considering any match reduction or suspension to plans.
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