TheWoozy ,

Gee, people who have been saving longer have saved more money! Who’d a thunk?

Many people roll their old 401ks into IRA when changing jobs, so they are seriously undercounting millionaires.

sugar_in_your_tea , (edited )

This is kind of silly. Basically it’s just saying that stocks have rallied this year. US stocks are up ~14% YTD, and international stocks are up ~5% YTD.

So the more you had invested, the more “dollars” you made this year.

Last year was net down, so it makes complete sense that people with more money lost more “dollars” last year.

Blaze ,
@Blaze@discuss.tchncs.de avatar

Thank you for sharing!

deconstruct OP ,

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)

Deftdrummer ,

[Thread, post or comment was deleted by the author]

    •
    deconstruct OP ,

    Gen Y (millenials) saw the second largest increase. Balances for millenials and Gen Z are much lower due to other expenses like student loans.

    Deftdrummer ,

    Interesting, is Gen Z the first generation to have student loans?

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