Morning Business Report: Social Security Tax Bill, 401(k) Record Highs 41NBC News

A Record Number of Americans Are in the 401(k) Millionaire Club

A record number of 401(k) accounts had $1 million or more at the end of the second quarter. Amid tariff uncertainty that roiled the stock market, investors who stuck to their long-term savings plans in the spring were rewarded. The stock market has more than rebounded from the selloff earlier in the year that followed the president’s tariff announcements. Stocks notched record highs earlier this month, and the S&P 500 is up about 10% year-to-dat…

Morning Business Report: Social Security Tax Bill, 401(k) Record Highs 41NBC News

(LILAMAX)- Arizona’s Ruben Gallego’s bill called “You Earn It-You Keep It” would permanently eliminate federal taxes on Social Security .  It remains to be seen whether it may get enough support to become law. The first and second quarters were tumultuous for investors in 401(k) plans. After dropping like a stone in April following the tariff announcement, stocks eventually staged a comeback to finish the second quarter at record highs. The aver…