Two new studies paint a contradictory picture of Americans' personal finances: One found that tens of millions of Americans can't afford their medical bills, just as news dropped that 401(k), IRA and 403 (b) balances reached a record high last year.
One found that tens of millions of Americans can't afford their medical bills, just as news dropped that 401, IRA and 403 balances reached a record high last year.The stock market is undeniably on fire. The major US stock market averages are near record highs and it shows in 401 accounts. Fidelity Investments reports the average balance in a Fidelity 401 topped $112,000 in the fourth quarter of 2019.
Just more than half of Americans invest in the stock market either directly or indirectly, and stock ownership is concentrated at the very top. Federal Reserve data shows that only 2% of households in the bottom quarter of income own stocks.That's why health care costs are trouble for so many working families who don't have the cushion for a medical surprise, high drug costs or a chronic illness.
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