500,000 / 70,000,000 (# of Americans with 401k according ChatGPT’s internet search) = ~0.007143
500,000 / 170,000,000 (# of Americans eligible for a 401k, insert ChatGPT salt warning here) = ~0.002941
Roughly 0.7% of Americans that have a 401k are millionaires according to this article. Out of all the Americans that could have a 401k, its only about 0.3%. Statistically speaking, effectively nobody is getting a million dollars just by having a 401k. If they are, it is almost certainly because they have a particularly high income or a job with highly competitive benefits, aka. they are already in a much higher socioeconomic class than pretty much every other working American will ever be allowed to achieve in this country.
You don’t think 401K people need and deserve the money they worked hard for?
I think 500,000 of them isn’t particularly noteworthy. Also, 401k does not necessarily imply hard work, especially when the result is $ > 1m.
Seems like a lot people to me. And that seems like a nice 401K to me. And I am someone who is retired and I live off much less than that just fine.
500,000 / 70,000,000 (# of Americans with 401k according ChatGPT’s internet search) = ~0.007143
500,000 / 170,000,000 (# of Americans eligible for a 401k, insert ChatGPT salt warning here) = ~0.002941
Roughly 0.7% of Americans that have a 401k are millionaires according to this article. Out of all the Americans that could have a 401k, its only about 0.3%. Statistically speaking, effectively nobody is getting a million dollars just by having a 401k. If they are, it is almost certainly because they have a particularly high income or a job with highly competitive benefits, aka. they are already in a much higher socioeconomic class than pretty much every other working American will ever be allowed to achieve in this country.
I think it’s a good thing. Thanks, friend!