Many people start becoming more concerned about retirement in this age bracket, but it's not too late to change your retirement plan if you need to. If you're between 45 and 54, the median savings for your age group are $46,363, and the average savings are $135,777. Jump to the factors and tips Average 401k account balance, ages 45-54
Read on below this list for other factors and tips that can improve your financial picture. Your 401k account balance is only one part of a complete retirement plan. What any specific individual will need for retirement depends on many other factors.ĭo you expect to pay off your home before you reach retirement age? Do you have any debt besides your mortgage that you still need to pay down? Do you hope to travel the world once you retire, or do you expect your needs to be more modest? If your own retirement savings aren't stacking up, it's time to get serious about your plan. Jump to the factors and tips Average 401k account balance, ages 35-44įor Americans between 35 and 44, the median savings are $26,188, and the average savings are $72,578. That said, you might want to rebalance your retirement plan several times along the way.įor example, it's great to maximize your retirement contributions, but building up an emergency fund, paying down high-interest debt, and considering buying a home to build real estate equity are other things you can do to get further ahead.įor more ways to improve your retirement savings, see the 9 key factors and tips down below. If you're in this age range, it's important to start saving for retirement now. But the mathematical average for that range is $26,839. Again, half are below that number, and half are above.
Jump to the factors and tips Average 401k account balance, ages 25-34įor Americans between 25 and 34, the median savings rise to $10,402. If you're in this age group, the best news is that you have plenty of time to build your retirement, especially if you decide to get serious about it today-starting with the 9 factors and tips below this list! The mathematical average is higher because, basically, the top half of the group is doing a good bit better than the middle, but the bottom isn't doing much worse. In other words, half of all Americans under twenty-five have saved less than $1,817 in their 401k, and half have saved more.
What's the difference? The median represents the middle-of-the-road person in this age group. Average 401k account balance, under age 25Īccording to Vanguard, the average American who's twenty-four years old or younger has $5,419 in their 401k retirement account, but the median balance is only $1,817. Read on to see what else you can do to save even more and retire on your own terms. Still, there are other ways to compare your finances to your age group.įor example, will you have good Social Security benefits? Do you have an emergency fund? Have you paid off your high-interest debt?Īny of these can put you ahead of the game when it comes to your retirement plan, so don't stop with your 401k savings. If you want to know how you're doing on your retirement plan compared to your peers, checking the average 401k retirement account balance is a good start.
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