Average 401(k) Balance Analysis for Americans Aged 55 to 64
Sunday, 1 September 2024, 03:09
Understanding Average 401(k) Balances
The average 401(k) balance for Americans aged 55 to 64 is reported at $244,750, with a median balance of $87,571. This gap highlights the importance of comparing personal savings to national averages.
Disparities in Retirement Savings
- A large difference is noted between average and median balances.
- Many individuals may be underprepared for retirement.
Evaluating Your Savings
- Assess your current 401(k) contributions.
- Consider increasing savings to meet or exceed the average.
- Consult financial advisors for tailored strategies.
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.