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Average 401(k) Balance by Age: Are You Behind?

May 31, 2019

How does your 401(k) balance measure up against your peers? Do you have enough or are you behind? When we meet with potential clients, most of them want to know the answer to these two questions:

  1. Where am I?
  2. Where am I headed?

Tune in to this week’s episode as we share the average 401(k) balance by age and answer the question of whether or not you’re behind with your retirement savings.

Here’s What You’ll Find Out in this Episode:

  • Fidelity’s research of 401(k) balances over the last ten years since March 2009
  • How a financial advisor can help you stay the course
  • What percentage of your gross income of you should be saving
  • What the opt-out principle is
  • What the average employee contribution rate is
  • The biggest age group withdrawing funds from their 401(k)
  • The penalties for early withdrawals from your 401(k)
  • How compound interest works in your favor, and what the concept of 88 times over means to investors
  • The benefits of Roth IRAs
  • The amount you have to save to become a millionaire in every decade of life
  • The sobering statistic of how many people have outstanding loans from their 401(k)
  • The downside of taking out a loan from your 401(k)
  • The role taxes play in your retirement planning
  • The average 401(k) balance for people in their 30s, 40s, and 50s
  • How much 40-somethings really know about their retirement needs
  • Investment opportunities available for 40-year-olds
  • What to pay attention to in your investment portfolio
  • Factors to consider before withdrawing Social Security benefits
  • Success indicators when looking at your retirement plan

Resources Mentioned in this Episode & Related Episodes

When we create content, we load it with actionable steps that you can apply immediately to your financial life. But, there are different ways to approach your finances depending on your age or how close you are to retirement. Therefore, we have a series of shows, including this one, that addresses financial topics with your age in mind:

Also mentioned in this episode:

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