Daily Money - A Nice New 401(k) Stat

A term that has popped up over the last several years is “401(k) millionaire.” If you’re unfamiliar with that concept, it’s simple: It refers to someone who’s surpassed the $1 million mark in their 401(k), meaning they have a lot saved for retirement. Our reporter Pete Grieve wrote about how the number of 401(k) millionaires in the U.S. recently hit 485,000 — its highest level ever, thanks to people’s diligent contributions and a booming stock market. The average 403(b) account balance is up, too.

Whether you are a bona fide 401(k) millionaire or not, your retirement accounts are probably looking pretty good these days as they benefit from their investments. Read more about how the market is doing here.

— Mike Ayers, executive editor

A recent Motley Fool article asserts that you should plan on needing about 80% of what you earn while working to maintain the same lifestyle in retirement. That’s a fairly good chunk of change, and it got us wondering: What are some expenses in retirement that you’ve cut out to save money? Or are planning to cut out later on? Drop us a line, and we’ll share your tips with the rest of the community soon.

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