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?