Average 401(k) Balance by Age

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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.

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https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp

How do you compare, 401k-Era?

 

[makingmusic476]

Is this a comparison of all people, or just people with 401ks?

 

[Trickster]

Is this a comparison of all people, or just people with 401ks?

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I assume it's for people with 401k's specifically. That's a special US system for retirement, right?

 

[Astronut325]

I'm above average based on those numbers.

 

[Sqrt]

Is this a comparison of all people, or just people with 401ks?

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the financial services firm/brokerage that administers more than $7.4 trillion in assets, the average 401(k) plan balance reached $106,000 in the second quarter of 2019—a 2% increase from $104,000 in Q2 2018.

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Looks lite its average balance per 401k account.

 

[SoH]

Far enough ahead to flip from feeling good to guilty.

 

[demosthenes]

Age 33.
~90k in 401k I think. Also have ira and personal investments in top of that.

 

[sphagnum]

Well I already knew Im screwed so

 

[XMonkey]

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]

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]

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]

33, have 2x my salary saved, but when you make shit for pay that isn't too impressive

 

[makingmusic476]

Looks lite its average balance per 401k account.

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Ah. I'm just over 30 with a decent job and I've barely cracked into my 401k. I see plenty of people in my age range that are stuck in services, working at grocery stores, or doing Uber, and they're not even counted.

 

[Lexad]

I am average for a 40-49

I am 29.

 

[Andrew J]

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%.

 

[Perfect Chaos]

25, have 25k.

 

[Dolobill]

Currently have around 1.5x my salary in RRSP/TFSA (Canada's retirement funds) at 32.

 

[PickledCucumber]

I was on target, but family emergency occurred and needed some help...

At least I have something, 😅

 

[Shiloh]

29 and don't have a 401k, I have a 403b!

I'm on target for my retirement goals.

 

[Sully]

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

 

[Coolverine]

37 and have a little over $200k

 

[Mesoian]

Pfft.

Guess I'll just die then

 

[BobLoblaw]

Brb. Finding bootstraps.

 

[Deleted member 25600]

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.

 

[Malverde]

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.

 

[Deleted member 5876]

I guess I'm over saving? 18% to 401k and that's not including my ira contributions.

 

[Darryl M R]

I'm above my average.

The progress from 40 to 50 and then from 50 to 60 seems really small.

 

[MrPink]

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.

 

[SoH]

I'm above my average.

The progress from 40 to 50 and then from 50 to 60 seems really small.

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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.

 

[Valiant]

Im on trackissh. I'm above the median but not above the average.

 

[m_shortpants]

Above average, but I was maxing as soon as I got to a company that matched. Not maxing any more.

 

[thewienke]

Those medians are brutal and paint a ghastly picture for people's futures since pensions were mostly phased out.

 

[reKon]

I'm above my average.

The progress from 40 to 50 and then from 50 to 60 seems really small.

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that's compound interest baby

EDIT: I just realize what I posted is the exact opposite of what you've observed lol

 

[Yasuke]

I'm 27, and, lol

 

[Biske]

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.

 

[RustyNails]

150k in retirement savings will last you just a few years.

 

[FTF]

I'm a little above median...I have trouble seeing myself as being 70 years old.

 

[molnizzle]

33, below average. Should start turning around soon once I'm out of business school.

 

[bigosc]

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

 

[Servbot24]

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]

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.

 

[SonicX_Zero]

Insert Whitney Houston's I Have Nothing. lol..... T_T T_T T_T I am so dead.

 

[PigBoss]

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.

 

[Vyrance]

At the average at 35

 

[TheHunter]

Ah that sweet sweet pension life.

 

[StarCreator]

I'm above average, but only because my salary is below average.

 

[Transistor]

Less than the average in 401k, but more in stocks.

 

[TarpitCarnivore]

Above average

 

[FliX]

More than twice the average... What can I say, I like saving money.

 

[Failburger]

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...