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 40 year old have?

You should aim to have at least three times your annual salary saved for retirement by age 40. Workers ages 35 to 44 have an average salary of $67,756, according to the BLS. A worker earning the average salary would want to have just over $200,000 saved. Again the average and median 401 (k) balances fall short.

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.