Average 401(k) Balance Analysis for Americans Aged 55 to 64

Sunday, 1 September 2024, 03:09

Average 401(k) balance for Americans aged 55 to 64 stands at $244,750, showcasing significant disparities. Understanding your own savings is crucial.
The Motley Fool
Average 401(k) Balance Analysis for Americans Aged 55 to 64

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

  1. Assess your current 401(k) contributions.
  2. Consider increasing savings to meet or exceed the average.
  3. 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.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe