A few months ago Market Crumbs wrote about the record number of 401(k) and IRA millionaires. At the end of 2019, there were 233,000 people with $1 million or more in their 401(k) and 208,000 people with $1 million or more in their IRA, according to Fidelity.
With the market consistently setting new all-time highs last year on hopes of a trade deal between the U.S. and China, as well as accommodative monetary policy, even those who didn’t see their accounts surpass $1 million benefited. The average 401(k), IRA and 403(b) balance each hit record highs as well.
With the falling 20% in the first quarter—its worst since the financial crisis, many of those millionaires are no longer millionaires.
Fidelity released its latest quarterly analysis of retirement savings trends on Friday, which surprisingly showed the average account actually outperformed the broader market.
The average 401(k) balance fell 19% during the first quarter to $91,400, while the average IRA balance dropped 14% to…
