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 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!