this post was submitted on 17 Aug 2023
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401(k) millionaires are on the rise after taking a hit last year. Boomers are leading the way (fortune.com)
submitted 1 year ago by deconstruct@lemmy.world to c/personalfinance@lemmy.ml
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[–] deconstruct@lemmy.world 5 points 1 year ago (3 children)

It's not just boomers.

Young savers have done especially well. Gen Z saw a 66% increase in average 401(k) balances compared to a year ago, while millennials saw a 24.5% increase. Average Gen X balances were up 14.5%, and baby boomers saw an average increase of 6.3% compared to a year ago.

Source from Fidelity (PDF)

[–] jackoneill@lemmy.world 3 points 1 year ago

You guys can afford to save for retirement? I’m just trying to feed my family…. Figure I’ll have to work until I drop dead

[–] alianne@lemmy.world 2 points 1 year ago

I'll be curious to see what these numbers look like once student loan repayments start back up in October. I know I'm personally going to have to cut back my 401(k) contributions - which I increased during the payment pause over the last few years - in order to resume my payments, even with an IDR plan.