Investing
Stock Market Plunge Punished 401(k) Millionaires
Data from Fidelity found the number of seven-figure retirement accounts down sharply after stocks cratered in the first half of 2022.
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The number of people with at least $1 million in their Fidelity 401(k) accounts plunged 29% in the second quarter to 294,000, data from the company shows. The S&P 500 posted its lowest closing price so far this year on June 16, when the index was down about 24% from its peak on Jan. 3.
The population of IRA millionaires took a sharp tumble as well, down 17% from a year earlier to 284,900, according to figures from Fidelity that cover the more than 35 million 401(k), IRA and 403(b) retirement accounts at the company.