Understanding the Average 401(k) Balance in 2023 and Strategies to Boost Your Savings
Tuesday, 12 March 2024, 12:30
Understanding the Average 401(k) Balance in 2023
Average 401(k) Balance: $118,600
- In comparison, IRA balance is $116,600
Saving for retirement is crucial, as solely relying on Social Security can lead to a significant income reduction. 401(k) balances witnessed growth in 2023, likely due to stock market gains and increased contributions from workers.
Workers can enhance their 401(k) savings by:
- Maximizing employer matches to leverage compounding growth
- Exploring side job opportunities to boost income
- Diversifying investments by moving funds to index or mutual funds
Implementing these strategies can lead to substantial growth in your retirement savings over time.
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.