# of 401K millionaires spikes by 20% last quarter under Bidenomics

Glad stock market is up. Glad people have greater savings. I'm waiting for when the municipal, state and federal union pensions all blow up and we're all asked to chip in and "pay our fair share" because politicians treat voters like grandchildren and give them everything they ask for - even when they know they cannot afford it.

 

Man oh man has it been a ride. I bought in 2020 at about $80. It when past 300 and then cratered as did the rest of my portfolio in 22’. Back to 100 and this time I held. I didn’t sell early enough and I knew from prior experience that if you sell and you’re not a day trader you won’t rebuy good stocks. All the way to back 800. Had I held all my position in 2023. I’d be looking at 500K. But it got too large. Still have 200K and per the CEO AI is at a tipping point.

Better tip up

 

You really want me to lay the boom on you? This has nada to do with Bidenomics, in fact, the Biden campaign has made a huge effort to rid itself of that term. So what about the number of homeless over the past 3 years? All-time highs and getting worse. Have to blame Bidenomics on shrinkflation which I think will doom Biden once Trump gets ahold of him. Most Americans aren't seeing these gains nor putting food on the table when costs are way up. Biden should be staring done the DNC and Congress for making a mess of things for him. Their eagerness to shutdown the country in 2020 has lead the country to what we are seeing today - inflation and high interest rates that will never go down. All because the democrats never let a crisis go to waste by artificially increasing the minimum wage back in 2020.

 

int rates are right at their 50 year avg. Too high? Compared to what? To when they were too low?

are you wishing for the good ole days?

 

you got it, limiting exposure to the masses saved millions of lives. what the US did in response to covid had nothing to do with China shutting down and supply chains collapsing around the world. the majority of the free cash float that helped to drive inflation even higher than the supply chain problems was issued under your orange cult leader. i will agree that further cash infusion caused inflation to go even higher but the path was already set before Biden ever stepped into office

 

Congratulations. My wife got us in at $114. We are still holding but I keep expecting disaster. How long can it last?

 

Trump: “If Biden wins, you're gonna have a stock market collapse, the likes of which you've never had,”

Makes the maga crowd sad when Americans do well.

 

Wonder why that's funny. I reckon he either hasn't benefited from Bidenomics or can't give credit where it's due.

 

Unlike many stocks their profits have followed a similar track. It won’t keep up forever but this isn’t a GameStop kind of surge you’re seeing.

 

note the 20% was just fourth quarter. YOY it is 41%.

Number of 401(k) ‘millionaires’ jumped 41% last year, says Fidelity | CNN Business

Fidelity also reported that the number of 401(k) accounts with balances of at least $1 million rose in the fourth quarter by 20%, to 422,000 accounts; and by 41% for the whole year. The average account balance for this group was $1,551,300 in the fourth quarter.

 

Oh, I agree that they are the industry leader in what they sell and the world is beating down their doors to get it but some of the run up is (over) exuberance imo. But if their profits keep beating expectations who knows how high it will go

 

I anticipate this is also due to an aging population. a lot more people are retiring getting close to retirement who have been squirreling away into their 401ks their entire life. Albeit anecdotal, i have many peers that experienced this - especially compared to 10yrs ago.