How Much Do 60-Year-Olds Have in Their 401(k)? A Comprehensive Guide to Retirement Savings

Average 60-Year-Old's 401(k) Balance

Find out the $70,000 to $210,000 balance and understand the disparities in median and average figures. Learn how outliers impact averages and why saving guidelines are crucial for retirement security.

Steps to Increase Retirement Savings

• Max out your 401(k) contributions: Contribute up to $30,500 annually, including catch-up contributions for 50 and older.
• Consider IRA contributions: Save up to $8,000 per year, including catch-up contributions.
• Retire later: Delay retirement to save more and boost Social Security benefits.
• Relocate or downsize: Lower living costs by moving to areas with lower expenses or downsizing your current home.

By implementing these strategies and making prudent financial decisions, you can enhance your retirement nest egg and ensure financial stability.