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What does the average 401(k) balance by age mean?

“What the (average 401 (k) balances by age) tells us is investors are not saving enough to afford a comfortable retirement,” said Anthony Ogorek, president and founder of Ogorek Wealth Management. Let’s also look at average 401 (k) balances by age band, which shows how much account holders have saved during each decade of their life.

What is the average 401(k) balance for a 55 year old?

For men, that age is 55 Average 401 (k) balance: $168,646 Median 401 (k) balance: $60,763 This group has hit the age at which catch-up contributions begin to be allowed by the IRS: Participants age 50 and older can contribute up to $7,500 in 2024

How much 401(k) should a 20 year old have?

Fidelity reports that individuals ages 20 to 29 have an average 401 (k) balance of $10,500. Those in their 30s have $38,400 on average. It recommends that by age 30, you should have an account balance equal to 1× your annual salary. How Much Should Someone in Their 60s Have in Their 401 (k)?

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