There are now more 401(k) millionaires than ever before. According to new data from Fidelity, there are now roughly 497,00 401(k) plan participants with balances of at least $1 million in their accounts. UBS financial advisor Tracy Byrnes joins Wealth! to break down some steps retirement savers can set themselves up to be a millionaire by the time they’re ready to tap into their 401(k) plans. “It’s much like when you diet Monday through Friday and then on the weekend you have pizza and potato chips and you wonder why you’re not losing weight. It’s the same thing. Slow and steady wins the race,” Byrnes explains. She encourages retirement savers to not “set it and forget it,” and explains the importance of revisiting a retirement account to rebalance and diversify. She warns, “What was good when you started working 20 years ago might not still work today.” Byrnes also notes that it’s equally important to increase contributions to the account as your salary increases. While it may be tempting, she strongly advises against withdrawing funds before retirement. Watch the video above to hear more tips from Byrnes.
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