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   From: biden.crimes@yahoo.com   
      
   Lawrence Solomon  wrote in   
   news:ssprv2$ls9s$61@news.freedyn.de:   
      
   > The surge of Covid-19 infections had nothing to do with it.   
      
   America's ranks of so-called 401(k) millionaires are diminishing following   
   last year's stock market rout.   
      
   The number of 401(k) accounts with at least $1 million in retirement   
   savings fell 32% last year, to 299,000, from 442,000 in 2021, according to   
   new data from Fidelity Investments.   
      
   The shrinking number of 401(k) millionaires comes after the S&P 500   
   tumbled 19.4% last year and entered the longest bear market since the 2008   
   financial crisis. The downturn has marked a sharp departure from the prior   
   decade, when a bull market buoyed investment portfolios and appeared to   
   place a comfortable retirement within reach for many workers.   
      
   The average balance in a 401(k) plan tumbled 20.5% in 2022, reducing the   
   typical employee nest egg to $103,900 at the end of 2022, according to   
   Fidelity.   
      
   Is retirement achievable? Investors say they'll need at least $3 million.   
   Here's how much money Americans think they need for retirement   
   Americans are saving less and being buried in credit card debt   
   Anxieties about retirement are on the rise after last year's tough   
   conditions, which included inflation hitting a 40-year high, experts say.   
   One recent study found that workers now expect they will need $1.25   
   million for a comfortable retirement — a 20% jump from 2021.   
      
   With the decline in retirement savings, the "retirement gap" — the   
   discrepancy between the amount of money people need to fund their golden   
   years compared with what they've actually saved — is growing wider. And   
   the challenge is greater when many workers are struggling to pay for   
   basics like food and shelter, let alone plan for retirement.   
      
   To be sure, even with the declining number of 401(k) millionaires last   
   year, there are still more than in 2019, when there were 233,000 accounts   
   with at least $1 million in savings, according to Fidelity.   
      
   Notably, stashing away $1 million or more in a 401(k) plan is rare. Only   
   about 1.4% of 401(k) accounts at the financial services firm had more than   
   $1 million in assets at the end of 2022, according to Fidelity data.   
      
   Fidelity also noted it has seen a decline in the number of IRA accounts   
   with at least $1 million in assets. At the end of 2022, there were 280,320   
   such accounts, down 25% from a year earlier.   
      
      
      
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