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Investing/Strategies / Retirement Investing
|Subject: Secrets of the 0.2%||Date: 1/21/2012 11:08 PM|
|Author: intercst||Number: 69951 of 75802|
Those hoping to occupy Easy Street in retirement may want to follow the lead of the 0.2%: the topmost tiny fraction of savers who have managed to sock away more than $1 million in their 401(k)s.
That figure, based on data from the Employee Benefit Research Institute, may depress those with sums closer to the median 401(k) balance of roughly $60,000 -- and for good reason. Even among employees 55 and up who have been contributing to the same 401(k) plan for more than 20 years, just 2% are estimated to have cracked the $1 million mark, says Jack VanDerhei, EBRI's research director.
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