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Again, the average 401 (k) balance is more than twice the median balance, reflecting the larger savings capacity of high-wage earners and those resolved to maximizing their 401 (k) plan.
Saving for retirement isn't easy, but the right steps can help you beat the average 401 (k) balance. With time and patience, you can ensure you're as prepared as possible for retirement.
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.
Here's the average 401 (k) balance after 15 years of saving The Fidelity survey looked at the average 401 (k) balance of more than 24 million participants in more than 26,100 of its corporate plans.
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.
The average balance in a 401 (k) account for American workers 65 and older was $232,710 in 2022, while the median was only $70,620, according to a Vanguard analysis.
Check out the average 401 (k) balances among Americans in their 40s, 50s, 60s and 70s to see whether you have more or less than the others who'll be joining you in earning your senior discount ...
It can be hard to know if your retirement savings are on track, but comparing your balance to where others similar in age are can help. In particular, taking a look at the average 401(k) balance ...