Average 401(k) Balance Revealed for Ages 55-64: Analyzing Retirement Savings
Saturday, 2 March 2024, 14:05
Average 401(k) Balance for Ages 55 to 64
Find out the average 401(k) balance for adults nearing retirement age and see if you are on track for a comfortable retirement. The median 401(k) balance for individuals in the 55-64 age group is just $71,168, highlighting the need for increased savings.
Rules for Retirement Savings
- Saving milestones: Save six to eight times your salary by age 60 for retirement security.
- Weekly salary: Median weekly salary for 55-64-year-olds is $1,244 ($64,688 annually).
If you're falling short, consider catch-up contributions, adjusting your retirement timeline, and maximizing Social Security benefits.
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.