Out Of 48M Retirement Accounts Analyzed, Only 497K Have $1M—Financial Expert Shares How To Achieve This

Retirement savings are on the rise, making it more attainable for many to reach a million-dollar balance. According to Fidelity's analysis of over 48 million retirement accounts, including 401(k)s, IRAs, and 403(b)s, the number of 401(k) millionaires surged to a record 497,000 in the second quarter of 2024, an increase of 12,000 from the previous quarter. Meanwhile, IRA millionaires rose by 6 percent to 398,594. This growth reflects the impact of consistent contributions and long-term planning on achieving significant retirement savings.

Several positive trends are emerging for retirement savers across the board. The average 401(k) balance increased to $127,100, up from $112,400 a year ago, while the average IRA balance reached a new high of $129,200. Additionally, 401(k) savings rates remained steady at 14.2 percent, nearly reaching Fidelity's recommended rate of 15 percent. Long-term contributors, especially those with 15 years of consistent savings, continue to see substantial growth in their retirement accounts, demonstrating the importance of starting early and maintaining steady contributions.

Gen X savers have also made notable strides, particularly in increasing their IRA contributions by 30 percent over the past year. This generation's consistent savings efforts have led to an average balance of $554,000 for those with 15 years of contributions. As more individuals reach the million-dollar retirement milestone, the key strategies for success include maintaining regular contributions, leveraging employer matches, and adopting a long-term approach to retirement planning. (Full story)

A UK landlord, Leanne Newton, discovered that her tenant, fitness influencer Ifende Uzoka, had secretly sublet her one-bedroom flat in east London on platforms like Airbnb and Booking.com, earning up to £190 per night to fund luxurious vacations in Dubai. Uzoka, known online as MsFitQueen, rented the flat in October 2023 but never occupied it, instead converting it into a two-bedroom holiday home advertised for up to eight guests. The scam went unnoticed for months until Newton, noticing suspicious activity, uncovered the subletting scheme and began eviction proceedings. Despite notifying authorities and the platforms, Newton struggles to reclaim her property amid legal complexities and potential legislative changes that could further complicate evicting the fraudulent tenant. (Full story)

Alice Walton, daughter of Walmart founder Sam Walton, has become the richest woman in the world in 2024, surpassing Françoise Bettencourt Meyers with a net worth of $95 billion, making her the first female centi-billionaire in history. Born in 1949, Alice pursued a career in finance, founding Llama Company and later focusing on her passions in art and philanthropy. She established the Crystal Bridges Museum of American Art in 2011 and founded the Alice L. Walton School of Medicine in 2021, emphasizing a holistic approach to healthcare education. While her wealth is bolstered by Walmart's success, her legacy is shaped by her significant contributions to the arts and medicine. (Full story)