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.
Some of the pain came from sharp drops in popular Fidelity mutual funds in 401(k) ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.