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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.
It's not easy saving for retirement, but seeing how your 401 (k) balance stacks up to the average can make it easier to determine where you stand.
The average 401 (k) balance for those aged 45 to 54 is $168,646 as of the end of 2023. That's according to Vanguard's How America Saves 2024 report, which dives into savings habits of nearly 5 ...
In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans attractive to employees, and many employers offer ...
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.
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.
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