How do you compare to your neighbors when it comes to investments? This video discusses the average 401k balance by age 65, both by mean and median. I also reveal the number of 401k millionaires in the United States!
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Topics Discussed:
● 0:00 How do I compare to my neighbor?
● 0:39 How do I enjoy the journey of retirement?
● 1:54 How to retire with $300,000 in investment assets?
● 2:45 I have $3 Million in investment assets but I am not fulfilled in retirement, why?
● 6:48 How many people contribute to their employer offered 401k plan?
● 8:52 What is the average and median 401k balance at age 65?
● 9:49 How many 401k accounts have a million dollars in them?
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Check out my most popular videos:
Costly 401k: Rollover Mistakes ⏩
Social Security Increase 2023: Are YOU Eligible for 16%? Find Out Now ⏩
5 Reasons to Take Social Security at Age 62 ⏩
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DISCLAIMER
*Your Retirement Authority makes content available as a service to its customers and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action.

Securities and advisory services offered through Commonwealth Financial Network, Member www.FINRA.org / www.SIPC.org, a Registered Investment Adviser. This communication is strictly intended for individuals residing in the states of FL, GA, MA, MD, NH, NJ, OR, PA, SC, SD. No offers may be made or accepted from any resident outside these states due to various state requirements and registration requirements regarding investment products and services. Please review our terms of use here: …(read more)

LEARN MORE ABOUT: 401k Plans

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As people get older, the need to prepare for retirement grows stronger. One of the most common sources of retirement savings is a 401k account. However, many people are unsure of what is considered an average 401k balance at age 65.

According to a report by Fidelity Investments, the average 401k balance at age 65 in 2020 was $224,000. This amount may seem relatively small, but it is important to note that this is just an average. Some individuals may have much more saved up, while others may have less.

There are several factors that can impact your 401k balance at retirement. The first is the age at which you start saving. The earlier you begin contributing to your 401k, the more time your money has to grow and compound. This can make a significant difference in the final balance, even if the contributions themselves are relatively small.

Another factor that can impact your 401k balance is your contribution rate. Most employers will offer a matching contribution, up to a certain percentage of your salary. If you are able to contribute enough to receive the full matching amount, you can significantly increase the balance of your account over time.

Finally, investment strategy is another important factor to consider. Those who are more conservative with their investments may see slower growth, while those who take on more risk may see higher returns – but also more volatility.

It is important to remember that your 401k balance at retirement should not be the only source of income you rely on in retirement. Other potential sources of income can come from social security benefits, pensions, and other retirement savings accounts.

Overall, the average 401k balance at age 65 may seem daunting, but with early and consistent contributions, proper investment strategies, and multiple sources of retirement income, it is possible to reach a comfortable retirement.