It’s shocking that 35% of American employees are leaving free money on the table by not getting their employer match. 401(k) accounts tend to hold the largest amount of assets in the average portfolio. In fact, 80% of millionaires invested in their 401(k) match and many credit this account as being a huge catalyst to reaching their first $1 million.
How does your 401(k) balance compare to the average American? This episode helps you discover not only how powerful this wealth building tool can be, but gives benchmarks for where most people are and where you should be in your 20s, 30s, 40s, 50s, and beyond!
In this episode, you’ll learn:
- How 2020 has affected 401(k) participants
- How many Americans are taking advantage of their employer match
- The financial power you’re leaving on the table when opting out of your 401(k)
- The average 401(k) balance of Americans in every age group
- How much you should have invested to become a millionaire
Research and resources from this episode:
- Here’s how much Americans have saved in their 401(k)s at every age (CNBC)
- Building Financial Futures (Fidelity Investments)
- Personal Savings Rate (FRED Economic Data)
Enjoy the Show?
- Sign up for the Financial Order of Operation (FOO) Online Course!
- Get FREE downloads full of financial advice from our Resource Page!
- Subscribe on YouTube or wherever you listen to podcasts.
- Send us your questions or share your story.
If you have any questions (or just want to say hi!), join the conversation on Facebook, Twitter, or Instagram!