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Average 401(k) Balance by Age

Lonely1

Member
Oct 26, 2017
3,191
Twentysomethings (Age 20–29)
Average 401(k) balance: $11,800
Median 401(k) balance: $4,300
Contribution rate (% of income): 7%

Thirtysomethings (Age 30–39)
Average 401(k) balance: $42,400
Median 401(k) balance: $16,500
Contribution rate (% of income): 7.8%

Fortysomethings (Age 40–49)
Average 401(k) balance: $102,700
Median 401(k) balance: $36,000
Contribution rate (% of income): 8.5%

Fiftysomethings (Age 50–59)
Average 401(k) balance: $174,100
Median 401(k) balance: $60,900
Contribution rate (% of income): 10.1%

Sixtysomethings (Age 60–69)
Average 401(k) balance: $195,500
Median 401(k) balance: $62,000
Contribution rate (% of income): 11.2%

By the time you’re 30, the company calculates you should have saved half of your annual salary. By age 40, you should have twice your annual salary. By age 50, four times your salary; by age 60, six times, and by age 67, eight times.

How do you compare, 401k-Era?
 

XMonkey

Member
Oct 26, 2017
2,610
That’s a lot lower than the numbers you usually read about. Which I guess is good because the common wisdom about what you should have at x age was completely unrealistic bullshit for the current economic reality young working people face in this country.
 

Josh5890

The Fallen
Oct 25, 2017
2,303
I'm slightly above average in this category! Hell yea. Makes me feel a little better about being paycheck to paycheck these days
 

Blue Skies

Member
Mar 27, 2019
3,887
I have no idea how much I had in my TSP when I got out. Probably around $4,000?
So around median for my age
 

ChrisR

Member
Oct 26, 2017
3,238
33, have 2x my salary saved, but when you make shit for pay that isn't too impressive
 

Andrew J

Member
Oct 26, 2017
1,186
The Adirondacks
33 and just above 40k now. Should go above the average in a couple months if the stock market doesn't tank.

My contribution rate is 11%, plus my employer matches up to 4%.
 

TeddieBear

Member
Sep 14, 2019
318
I was on target, but family emergency occurred and needed some help...

At least I have something, 😅
 

Shiloh

Member
Oct 25, 2017
1,451
29 and don't have a 401k, I have a 403b!

I'm on target for my retirement goals.
 

Sully

Member
Oct 25, 2017
809
I think I'm right in the average at 32 in that 40k range, it's tough when live throws a curveball and the savings get drained but I've tried not to touch it for obvious reasons
 

DrSlek

Member
Oct 29, 2017
4,329
30something sitting at $70,000 AUD, which is $48000 america bux

So above average. But the government here mandates employers pay 9.5% of wages into all staff retirement funds.
 

DarthOrange

Avenger
Oct 27, 2017
1,698
Southern California, Mexico
I've been contributing 25% of my income since the start of this year and am at $12K. I didn't really start saving until I earned my master's degree and paid it off so it hasn't taken too too long to build that up. That said, I have been thinking of going back to school to get my doctorate. May stop contributing for two or three years to build up a savings cushion to go be stupid and get an education then go back to saving. I'm 26 so I figure might as well do it now right? YOLO.
 

MrPink

Member
Oct 27, 2017
602
I'm turning 30 in July, should have somewhere around 40k so I'm on track. Hate that my employer only matches once a year.
 

SmiteOfHand

Member
Oct 25, 2017
2,533
I'm above my average.

The progress from 40 to 50 and then from 50 to 60 seems really small.
Been noodling that and can't decide if it is depressing or because people start withdrawing half way making it appear flatter than it really is, though I thought the average retirement age is skewing older and older so I'm leaning to the former.
 

thewienke

Member
Oct 25, 2017
2,706
Those medians are brutal and paint a ghastly picture for people’s futures since pensions were mostly phased out.
 

Biske

Member
Nov 11, 2017
2,882
If I reach old age and still live in a country that doesn't give a shit about and doesnt provide for its citizens I'll just kill myself.
 

bigosc

Member
Oct 27, 2017
1,368
At 32 with $27k, so above the median but still got a way to go to get to the average.
 

Servbot24

The Fallen
Oct 25, 2017
20,501
I’m 30. Haven’t checked my 401k in a while but guessing it’s around 32. Should easily be able to hit the average before 40.
 

Massicot

RPG Site
Verified
Oct 25, 2017
1,663
United States
Well above average, but I do also live incredibly frugally and stash a lot of my income away.

Basically my parents were shit with money at my age and will die eating dog food so I'm extra anxious.
 

PigBoss

Member
Oct 27, 2017
74
The timing of this post is perfect, I was just wondering what percent I should be doing. I’m at like 5% but I will up it closer to 8% now.
 

Failburger

Member
Dec 3, 2018
644
These figures seems extremely low.

I thought I was doing bad for my age but apparently I'm doing above average? Jesus Christ, we're so fucked is SS gets dismantled...