BOOM: Number of 401(k) and IRA millionaires hits record… BUST: Half See Favorite Local Store Close

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  • Thanks to the market’s recent run-up and increased savings, retirement account balances have now surpassed pre-Covid highs.
  • The number of 401(k) and IRA millionaires also hit an all-time record in the first quarter of 2021, according to Fidelity.

Although the pandemic isn’t over, many retirement savings accounts are back to pre-Covid highs.

Retirement account balances, which took a sharp nosedive almost exactly one year ago when the coronavirus outbreak caused economic shock waves, have now bounced back entirely, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans.

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And despite three recent days of losses, the market’s run-up has been a boon for savers.

From January 2020 to the beginning of this month, the S&P 500 has had an annual return of more than 20%, according to Morningstar Direct.

That has helped propel average retirement account balances to record levels, surpassing even the previous highs reached right before the pandemic.

www.cnbc.com/2021/05/20/fidelity-number-of-401k-millionaires-hits-record-a-year-after-covid.html

Half of Americans saw their favorite local store shut down because of pandemic

Many shoppers now swearing off big box stores after seeing beloved shops shutter
NEW YORK — Few people have escaped the financial impact of the coronavirus pandemic and that’s especially true for local ‘mom and pop’ shops. A new study finds half of Americans have witnessed their favorite local businesses close down because of COVID-19.

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A survey of 2,000 people reveals 68 percent personally know a local business owner impacted by the pandemic. According to respondents, the most commonly impacted businesses include cafes (62%), retail shops (58%), gaming shops (55%), and book stores (54%).

www.studyfinds.org/shoppers-swearing-off-big-box-stores-local-shops-shut-pandemic/

 

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