769,000 fidelity customers now 401K millionaires. And how people got there is interesting as you report, Carrie, the average 401K millionaire, 58 years old. It's been saving for 25 years. What are the, what are some of the broader lessons, Carrie, we can learn from this?

Yeah, you know, you got to love it. And it comes down to Josh, consistent savings. It's savings, buckling down, paycheck after paycheck, no matter what the market is doing, you just consistently keep adding.

And these folks actually also um, really, really dig down. They're saving, their savings rate is almost double the average savings rate for someone else. So when it's 17%, uh and combine that with their employer match and it's close to 25%. That's an enormous uh savings rate. So not only are they consistent, they're they're belt tightening to make sure they put as maximum amount as they can.

Now here's a wrinkle though in your story which is interesting, Carrie. You also report nearly one in five fidelity savers has an outstanding 401k loan. Now, what what does that sort of tell us about the financial health of the the average American, Carrie?

Yeah, you're right, Josh. they're feeling the strain. Um, there is definitely some some tension there. People are are tapping their accounts to um, or borrowing from their accounts to pay bills. I mean, they've got pressing needs right now and they have every right to do that. um, it is their money. So here's the point. You can do that. and a loan is not necessarily a terrible thing. Um, you're borrowing from yourself and you're paying yourself back with interest. Um and generally you have to do that within five years unless you leave a company and then you might uh have to pay it back sooner. Uh but but the thing is, the problem is you're taking money out of the out of your investment, so you're losing the growth that might happen with that money. But if you were really strained, that's what it's telling us that people are feeling nervous.

When when should you borrow from a 401k carry? Like what is your advice to people? What when do you consider that okay, reasonable, when is it risky? How do you think through that?

Yeah, I mean, it really is a it has to be a very thoughtful decision, obviously. Um, to me, uh high credit card debt is something that is probably worth your time to if you can borrow a bit from that, you're not paying as much interest back to yourself as you're certainly paying on that high interest credit card debt.

And often uh people have been able to tap them and this is actually you're permitted to do this in a way for for um home mortgages, that sort of thing. So, but I think mostly, you know, compare if you're paying interest, high interest on some other account, it might be worthwhile to just step away and use that money to get rid of that debt.