![401k Retirement Savings: Ideal Amount to Save at Different Ages | [Average 401K Balance Based on Age]](https://i.ytimg.com/vi/m9TJCgLUFk0/maxresdefault.jpg "401k Retirement Savings: Ideal Amount to Save at Different Ages | [Average 401K Balance Based on Age]")
✌[401k Savings By Age] How Much Should You Save For Retirement | Average 401K Balance By Age
I use Webull:
🔥Subscribe for More Videos:
Hi! Welcome back to my channel.
Do you know how much you should have saved in your 401K right now ? Well join me today as I share how much people have saved in their 401ks at different ages and what you should strive to do at different ages. 401K is one of the most woefully light retirement instruments ever invented. You can only contribute a maximum of $19,500 in 2020. The 401K pales in comparison to a nicely funded pension in my opinion. Give me a pension that pays 70% of my last year’s salary for the rest of my life over a 401k or IRA any time! I guess the bright side to the 401K is comparing it to the IRA. With the IRA retirement plan, you can only contribute $6,000 in pre-tax dollars. And worst yet, you can only contribute if you make under $72,000 a year as an individual and $119,000 as a married couple.
If you have any questions, please let me know in the comments or contact us through social media. Thank you for your support!
0:00 – 401K Savings by Age
2:12 – Average 401K Balances
5:15 – How Much You Should Save
7:43 – How and When to Save for Retirement
———————————————————————————————————————
Top Personal Finance Videos:
►Average Net Worth:
►Top ETF Picks to Save the Earth:
———————————————————————————————————————
►FREE STOCK ANALYSIS TOOL ✉✉✉:
———————————————————————————————————————
SELF-DEVELOPMENT/STARTING A BUSINESS:
►Fiverr:
►OnlineJobs (hiring Virtual Assistants):
►START A BLOG or WEBSITE:
———————————————————————————————————————
#401k
#retirement
#savings
#ZeroToFreedom
#RaviPatel
———————————————————————————————————————
SAY HI ON SOCIAL
►Facebook:
►Community:
►Instagram:
►Website:
———————————————————————————————————————
DISCLAIMER: I am not a financial adviser, CPA, nor a lawyer. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: I only recommend products and services I truly believe in and use myself. Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Commissions earned will be used towards growing this channel….(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
401k Savings By Age: How Much Should You Save For Retirement
When it comes to planning for retirement, one of the most common questions people ask is how much they should be saving in their 401k account. The answer to this question is not a one-size-fits-all solution, as the ideal amount to save depends on a variety of factors, including your age, income, lifestyle, and retirement goals. However, there are some general guidelines that can help individuals plan for a secure and comfortable retirement.
According to financial experts, a good rule of thumb is to save at least 10-15% of your annual income for retirement. This can include contributions to your 401k as well as other retirement savings vehicles such as IRAs and other investment accounts. By starting early and consistently contributing to your retirement savings, you can take advantage of the power of compounding and potentially grow your nest egg over time.
To give you an idea of how much you should aim to have saved at different stages of your life, here are some average 401k balances by age, according to a study by Fidelity Investments:
– Age 30-39: The average 401k balance for this age group is around $60,000. However, financial experts recommend having at least one year’s worth of salary saved up by age 35, so if you earn $50,000 per year, you should aim to have $50,000 saved by age 35.
– Age 40-49: By the time you reach your 40s, you should ideally have around three times your annual salary saved in your 401k. The average 401k balance for this age group is approximately $143,000.
– Age 50-59: As you approach retirement age, it’s important to ramp up your savings efforts. By age 50, you should aim to have around six times your annual salary saved, which translates to an average 401k balance of $290,000 for this age group.
– Age 60-69: By the time you reach your 60s, you should ideally have around eight times your annual salary saved for retirement. The average 401k balance for this age group is approximately $198,000.
Of course, these figures are just averages, and the amount you should save for retirement will depend on your individual financial situation and retirement goals. It’s always best to consult with a financial advisor to develop a personalized retirement savings plan that takes into account your specific needs and circumstances.
In addition to saving a percentage of your income, it’s also important to consider other factors that can impact your retirement savings, such as investment performance, company match contributions, and any potential changes to your income or expenses in the future. By staying informed and making a concerted effort to save and invest for retirement, you can help ensure a financially secure future for yourself and your loved ones.
Are you saving enough for retirement? It's an extremely important goal because as we age, we can do less. Set your future self up for success! Leggo….
IF YOU HAVE 178K IN 401 AND CONTRIBUTING 20%, AM I IN GOOD SHAPE
I'm 22 just started working my new job. Contributing a total of around 9k including match per year on my 401k. Hope that's good enough for now. Also planning to opening a Roth IRA and maxing it to 6k. The rest I will put into crypto and speculative stocks.
58, only $265,000 401k
55 years old, over 400,000 in 401, also a union pension fund, also over 50k in a rorh 401. Maybe social security, Maybe not. My home will be paid for in 4 years no car payment or credit cards payments. Hope to save 70 % of my salary for 4 years before I retire at 62.
Great video! Thank you for sharing. I've dipped into my 401k twice, probably a dumb move in the long run, but house, pool, all vehicles and toys are paid for. Putting 25 percent into 401k now. Hopefully will have enough to move out west and build a log cabin in about 10 years and keep on a working lol.
Why should we invest in 401K and wait until we retirement? We can directly invest in S&P 500 through Robin Hood and withdraw money any time we want.
I’m at such a loss of what to do. I started putting away into a 401k at age 38 because that was the first time in my life I made enough money to actually save. When you only make enough money to cover rent and basic expenses, a 401k is not part of the equation
Very informative. I'm 28 and started my first retirement account at 26. I wish they would teach us this in high school. A lot more people would benefit from this information. I wonder I the higher ages have less in their portfolio because at that point they're withdrawing instead of contributing plus at that age they're subject to RMDs as well.
Thank you for the video.
So let's say I have a 10% contribution along with my company's 5% match. After 25 years about how much would o grow into my 401K?
Thanks yo
Asking someone to like your videos encourages me to dislike your videos.
I have never maxed mine, and I am 7 times ahead of my age bracket. If I could go back and do things a little different I could have 5 times what I do. Next time you think about buying a new car, or upgrading your house, don't invest that money.
I feel so happy with the wonderful work well done. I invested £10k and received a payment of £27k in 2wks. Thank you sir you exceeded my expectations
If the fed raises income tax 1% social social security would be fully funded until 2075
I'm 50 and by the time you hit my age everyone wishes they contributed more. I work for the government and when I started work the Thrift Savings Plan (TSP) limit was 10% of my salary then increased 1%/year until 15% then the max was 15000/year now up to $19,500. I always maxed out my TSP except for a year I was recalled for military duty but even maxing out the TSP and adding a Roth Mutual fund I have $1.6 million, have 7 rental units and I feel behind. I'm doing catch up now. Its nice to live on less and I hope to retire by 57 but I'll be lucky with a government pension and military reserve pension. But your right on, save as much as you can early. Its never a good time but you have to pay yourself.
I’m 38. I been putting 15 to 20% in my 401k since I was 25 started contributing at 19 and I have more than double what a 60 to 70 year old has I see why people work til there 70 can’t retire with 200k..
Thank you for the well thought out video. I realize most of these studies, such as the 401k reporting from Fidelity, point out average savings by age group. A more meaningful and representative approach of these groups would be to examine the median savings instead of the average savings.
38,500 30-39 seems insanely low to me I'm 38 with 240k in my 401k and feel like i'm behind
Wow he’s way low I think..,I’m 47 , contribute 15% and have 500k
Pensions get taken away all the time
Did you say $19,500 a year starting at 22 years old?
I started my 401k at McDonald’s at the age of 21 while I was in college. START EARLY and you will thank yourself later in life!!!!!!!
Pensions aren’t sustainable… See Illinois
Age 20-30 I'm in that category an you only got 10500 in the example that's seems pretty rough start compared to my age of 28 with 110k
I'm 28 an with making about 45k a year with 110k stashed my 401k an half our house paid for a 30 year mortgage lived here for 6 years do all my own car work cuts down on all cost an more for investing learn as much as you can on anything buy your own tools to work on your house or vehicals when needed one year I wanted to go crazy ones I invested 11600 bucks on one year but we have no debt an I can work overtime sometimes to make a little more an bigger investments are key
Good Video
Awesome video! I'm 42 only debts I have is a 184k balance on my house and it's worth $700k
Have about $410k in 401k and some investment $180k. An immigrant from East Africa.former child soldier. Bless to be in America!
37, started my 401k sep 2019, 53k balance
28 and I got 75k in 401k and Roth IRA.
ACA subsidies for early retirees and reducing your tax burden on Social Security income make ROTH IRA and ROTH 401(k) contributions a "slam dunk" over pre-tax accounts.
The "order of operations" is to contribute to your pre-tax 401(k) only up your company match (Industry average is 6%).
Next priority (if you do not exceed the income limits) is a ROTH IRA. This is hands down a gift to any younger worker who wants to save for retirement. This limit is $6000 if you're under 50 years old.
Next priority is contributing to you ROTH 401(k). This would be $19,500 if you're under 50. Pay the tax NOW and watch your $ grow tax free.
Wouldn't it be nice to see 7 figures in a ROTH account at age 59.5 and know that you do not owe the government ONE CENT of it?
This is a very good video but it does not actually provide "how much should you save". It provides how much on average people are saving by age groups.
really detailed and informative video, thank u so much.
I am starting my fulltime job wit 401k at a age of 31, a little late, but excited and motivated wit ur video thank u
34 yo $115k. I just started getting serious into investing more. On a budget right now to reach $200k in 5 years
I keep all my savings under my mattress.
Super helpful video!! Thank you!
37 years old/ 105,000.00
Im 40 and started my 401k in November 2018 I now have just over 85k in it now.
I'm 29 and do 15%. No student loan debt:)
The table you showed, where that 401K amount was invested which generated 8M at 65? Was it entire US stock market index? And what was the year range of that table?
A lot of people are not financially stable this period and it's not easy, I always advise people, don't just waste your stimulus checks or salary invest it in something that will yield more, even if it is a part of it. We can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially in the financial market. Having different streams of making money is the solution to survive in this pandemic, especially now most of us have to earn and work from home, I've made impressive progress so far this year and it has helped me sort out a lot of bills and I do that through a registered investment company. You get in touch with the director via(austingrey64@gmail)he will guide you through. It's highly recommendable
I have a 403 b should I do anything different
It's critical to start and begin to have a plan. Always find ways to review your expenses to help increase your requirement savings
Do I know how much I should have saved in my 401(k)? $0! Why invest when I can buy lambos and eat filet mignon each night! Live in the NOW Ravi