401(k) plans are, of course, not the only way that people save for retirement. Many people still have pensions or use individual retirement accounts (IRAs) or another qualified plan; the data is simply more accessible for 401(k) plans. Is a million-dollar plus 401(k) or retirement fund a possibility for you? Probably.
For many people this time of year is a reflection on the successes, and cost for those successes, over the previous year. As people sit down with their certified public accountant or tax preparer, they are often surprised at how much financial growth they have experienced from one year to the next. While this discovery may be a reason to celebrate, when viewed from another angle the same success sometimes causes less happiness when people realize the increase in their taxes.