In this video we will explore the average retirement account balance for 401k contribution plans as calculated by the Vanguard Group.
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Such a huge difference between the average and median by industry. My guess is the older dedicated investors are incredibly wealthy.
401k balances are irrelevant because people change jobs. For example my current 401K is under $20,000 but I have two other ones that are are way above that in value
I have lost $125,000 plus in my 401K since January 2021. It's ridiculous. I am advised not to touch anything.
52million Boomers are retiring during the next 3-5yrs. most do not have enough to retire if they plan to live till even 80. Average yearly retirement cost is $45K. Not including medication, sickness etc etc
I always wonder how much money do people retire with in their 401K and do they feel like it was enough if they didn't have any other source of income.
For example, a 401K balance of $300K I'm retirement doesn't look like much.
I worked at a financial company for 6 years, salary was just below 50k before overtime. I walked away with $124,000 in my 401k. It’s around 112,000 after this mess though.
I worked at a financial company for 6 years, salary was just below 50k before overtime. I walked away with $124,000 in my 401k. It’s around 112,000 after this mess though.
Wow, that data has some very low numbers, IMO. Now that we’re in a recession, I think people will save less. What a mess we’re in.
I wonder how retirement looks for most of the women that are real estate agents. I know one that pays nothing into SS and has no 401K plan. Seems like a bleak retirement picture.
Very interesting video. Just a few points. My first company that I was with 20 years before they sold had several investment companies we could put our money in. I was 21 and wasn't even going to join a 401k because basically I did not believe in it due to lack of knowledge. My manager sat me down and explained it all on my level and 42 years later I thank him everyday for doing that. We had Vanguard and American Century and I actually put in a higher percentage with American Century. Twenty years later I converted them to IRA'S and my new company had Fidelity. Now that brings me to the percentage younger people put in. I think one more part to add to your excellent points is the unknown factor when you are younger. If the percentage on contribution were more when you are younger its that much more money you have when you are older as it compounds and grows. It's hard to envision it as a younger person I think, but man if we could max out starting at a young age it would make for an easy transition financially in retirement. Just my opinion. The other point I would like to make is about this catch up period they offer. I get it that they offer it as some people do not have enough saved for retirement. But $27,000 a year for most of us to contribute is just not realistic. I mean if you have that much extra money to contribute a year I think you are doing ok financially lol.
I think the education numbers are low here because many teachers have pensions, so an extra $100,000 provides a nice cushion. I feel sorry for those who just retired and their main retirement income comes from 401K. They are feeling the pinch for sure.
The stock market has been incredibly volatile recently and the global economy has become increasingly unstable. I keep reading about people grabbing multi-figures monthly as revenues in investments even in this crazy days in the market, any suggestions on how to make substantial progress in earning? I would appreciate
Wow.. that's low! People need to save a lot more!
I don’t look at my statement anymore.
Have you considered using the catch up provision to save more for retirement?