Key Insights on 401(k) Balances for Individuals Ages 55-64

Monday, 20 May 2024, 13:46

The average 401(k) balance for those aged 55-64 is $207,874, but the median balance is only $71,168. This stark difference highlights the disparity in retirement savings. Most households fall short of the mean, emphasizing the need for a reevaluation of retirement strategies and savings goals. With the last phase of financial planning before retirement, it's crucial to understand the implications of these figures for your own financial future.

https://store.livarava.com/abab1805-16b2-11ef-a6c4-63e1980711b2.jpg — Key Insights on 401(k) Balances for Individuals Ages 55-64

Key Insights:

Comparing your 401(k) balance to the average can provide valuable perspective on your retirement readiness.

Important Data:

Average Balance: $207,874
Median Balance: $71,168

Note: The $71,000 median balance falls short of supporting retirement needs.

The $200,000 total retirement savings average may not be enough to sustain retirement without additional income sources.

Conclusion:

Takeaway: Many nearing retirement lack sufficient savings, prompting the need for adjustments to ensure financial security in later years.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Key Insights:

Important Data:

Conclusion:

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