Your Money Call

Ep 7: Becoming a 401K Millionaire

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In this episode, we explore the state of saving for the future and share new data from Fidelity on 401K millionaires, showing that the number of accounts with seven-figure balances is near a record. There is also an increase in the participation rate in workplace savings plans.

This episode also explores new details on the Secure 2.0 Act, which aims to achieve automatic enrollment in retirement plans. Additionally, Diane King Hall emphasizes the need to invest rather than just save and shares data on IRA accounts and balances. This episode concludes by discussing hardship withdrawals and loans from 401K accounts and the regulatory changes introduced by the Secure 2.0 Act.

Takeaways

  • The number of 401k millionaires has increased, with a near record 422,000 accounts having seven-figure balances.
  • The Secure 2.0 Act aims to achieve automatic enrollment in retirement plans, increasing participation rates.
  • Contributing enough to receive employer matching contributions is crucial for maximizing retirement savings.
  • Investing in index funds can help grow retirement savings over time.

    • Additional Notes:

    * You can follow podcast host Diane King Hall @dianekinghall on all socials.
    *This podcast is for educational and information purposes only. The content is not intended to be a substitute for financial or legal advice from your own financial advisor, accountant or attorney.

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    Your Money CallBy Diane King Hall