IRAs and 401(k)s are Breaking Records

The number of 401(k) and IRA millionaires is higher than before the pandemic. The market's recent run-up can explain the value of the accounts, but there are also more accounts than ever before. Financial Expert and Host of the Good Money Podcast, Derrick Kinney explains why. "When people reach a crisis point, often it causes them to swing back to good habits." He makes one caution, though. "Often times when things get good again, that's when people tend to over extend themselves and there could be credit issues. But for now, we're likely to see these highs continue for the near future. We could see, though, when these people begin to retire and take their money out of the market, we could see a drop in the market and a decline in trading as well."

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Kinney says it's a good time to think big. "Right now, as we see the economy turn around, those Big Blue Chip Dividend Paying Companies are doing well."

photo: GettyImages

401(k) and IRA Millionaires Abound

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