TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets open for trading on Friday, May 24.
Related: The Average American Faces a Major 401(k) Retirement Dilemma
Full video transcript below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
stocks are coming off a loss Thursday on Wall Street, with the Dow Jones posting its worst session in more than a year thanks to a sharp drop in Boeing shares. This came after the company said it would delay aircraft deliveries.
While U.S. markets will be closed for Memorial Day on Monday, investors have a busy week ahead with a series of Fed speakers and a key inflation gauge due out on Friday. This will be crucial ahead of the central bank's June meeting.
In other news, a record number of Americans will be able to call themselves millionaires… well, at least when they retire. According to a new report from Fidelity, more 401(k) contributors now have seven-figure balances than ever before. 485,000 people have an account balance of $1 million or more, 43% more than just 12 months ago.
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Fidelity says record contribution levels, along with overall bullish market conditions, helped balances reach their highest levels since late 2021. The firm also said it pays to play the long term, saying “the Long-term savers saw the biggest improvement.” , which is good news, especially for the more than 4.9 million workers who have been in their 401(k) plan for five years or more.”
For the average account with more than $1 million in retirement savings, Fidelity revealed that the account owner has been saving for 26 years and contributing 17% of their income.
Fidelity's report also revealed that the average 401(k) millionaire balance is $1.58 million. And the average savings rate for all 401(k) contributors, including employer contributions, is at a record 14.2%. Retirement experts say the recommended savings rate is 15%.
It's important to note, as one retirement expert recently told us, that only half of all American households have an employer-backed retirement account.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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