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MarketsSep 3, 2024

58.5% of Readers Stay Bullish as 401(k) Gains Push Record Number of Americans Into Millionaire Status

Retirement Wealth

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Finding a forgotten $20 in your pocket is sweet, but the thrill of this year’s market rally is even sweeter. Our latest Bear or Bull survey shows that 58.5% of respondents are bullish heading into September, thanks to a market that’s been serving up all-time highs like hotcakes. This optimism isn’t just talk — it’s showing up in retirement accounts across America. According to Fidelity Investments, a record-breaking ~497K 401(k) accounts have hit millionaire status — up 31% from last year.

The S&P 500 is up 17% this year and has already hit over thirty-six new highs in 2024 — setting it on track for the most records in a year since 2021.
JPMorgan estimates indicate that US households have allocated ~42% of their total financial assets to stocks, marking the highest proportion recorded since data began in 1952.

Crystal ball gazing: Investors remain optimistic despite a brief dip in early August due to anxiety about the US economy and the yen. They believe the current bull market still has room to grow, as shown by sustained inflows into US equity funds focused on smaller businesses. However, potential challenges lie ahead. Historical data from Deutsche Bank shows that the S&P 500 has lost ground in each of the last four Septembers. With the upcoming presidential election and a potential rate cut, investors are hopeful that this September will buck the trend and be one to remember.