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Even if we take the average $244,750 balance for 401 (k)s, when we apply the popular 4% rule, a nest egg that size amounts to about $9,800 in annual retirement income.
The report includes a breakdown of account balances among Vanguard 401 (k) participants, separated by age. Among all workers across generations, the average 401 (k) balance is $134,128, according ...
Fidelity, which manages employee benefits programs for nearly 28,000 businesses and offers a variety of financial planning services, suggests saving at least 10 times your annual salary by age 67.
But there's a caveat: 401 (k) accounts with a lot of money in them can drive up the average. A more meaningful number to keep tabs on is the median balance (middle value), which is $60,763.
Here's what the average 401 (k) balance looks like for those aged 55 to 64 -- as well as a few tips to boost your savings. Two people looking at a tablet. Image source: Getty Images.
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Here's what the average 401 (k) balance looks like among those ages 55 to 64, as well as one simple trick for saving more. Two people sitting together outside and smiling.
401 (a) In the United States, a 401 (a) plan is a tax-deferred retirement savings plan defined by subsection 401 (a) of the Internal Revenue Code. [1] The 401 (a) plan is established by an employer, and allows for contributions by the employer or both employer and employee. [2] Contribution amounts, whether dollar-based or percentage-based, eligibility, and vesting schedule are all determined ...