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A 401 (k) plan is a tax-advantaged retirement savings tool offered by employers that allows eligible employees to contribute a portion of their salary up to a set amount each year.
Vanguard reports that the average 401 (k) balance among Americans aged 55 to 64 is $244,750. However, the median 401 (k) balance among that age group is $87,571.
I've Never Maxed Out a 401 (k). Here's Why I Still Feel Good About My Retirement Kailey Hagen, The Motley Fool September 14, 2024 at 1:00 PM
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 ...
The number of defined benefit plans in the U.S. has been steadily declining, as more employers see pension funding as a financial risk they can avoid by freezing the plan and instead offering a defined contribution plan. Examples of defined contribution plans include individual retirement account (IRA), 401 (k), and profit sharing plans.
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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