How American’s Became 401(K) and IRA Millionaires A Year After The Pandemic

Even though the coronavirus pandemic over, retirement accounts are thriving. Retirement account balances, which took sharp declines almost exactly one year ago, have now bounced back entirely, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans.

“Despite recent losses in the market, from January 2020 to the beginning of May, the S&P 500 has had an annual return of more than 20%, Fidelity Reported. ” This data shows record levels that surpasses previous highs pre-pandemic. As we can see from these statistics, during this time, many more people contributed to their investment accounts and enrolled in company retirement accounts, leading there to be more retirement millionaires in our midst. 

The picture above shows how much wealth you can build over time if you contribute from a young age and consistently over time. We are thrilled to see an increase in funds and savings amongst Americans especially given the hard year we have had.  If you have any questions about how to better your personal financial situation, please let us know at info@shermanwealth.com or schedule a complimentary 30-minute consultation here.