📈 Average 401k Balance 2023 By Age (New DATA From Fidelity) 📊
🔑 Key Takeaways:
The latest data from Fidelity Investments reaffirms the positive trend in retirement savings across different age groups. While the average retirement balances vary by age, it’s crucial to remember that everyone’s financial and retirement journey is unique, and comparing yourself solely to these figures might not reflect your individual circumstances accurately. However, this information can serve as a valuable benchmark and a motivator to take charge of our financial and retirement futures.
💡 The Power of Saving:
No matter where you currently stand in your retirement savings journey, this data underscores the importance of consistent and disciplined retirement saving habits. By making incremental contributions to your 401k or other retirement accounts (IRA, Roth IRA, Taxable Investing Accounts), you’re building a foundation for financial security and freedom in the retirement years to come.
🚀 Keep the Momentum Going:
Let’s celebrate these positive strides in retirement savings, while also encouraging one another to continue the momentum. Together, we can spread financial literacy, promote smart investing strategies, and empower more individuals to take control of their financial well-being.
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As we move closer to the year 2023, it’s natural to wonder what the landscape will look like for retirement savings. After all, a secure and well-funded retirement is a goal that many individuals strive for. One way to gauge the progress towards this goal is by looking at the average 401(k) balance by age, which can provide insight into how well people are preparing for their golden years.
To shed light on this matter, one of the leading financial institutions, Fidelity, has recently released new data regarding the average 401(k) balances for different age groups. This valuable information is invaluable for both individuals and policymakers, as it can assist in assessing the effectiveness of retirement planning initiatives and identify areas that require attention or improvement.
According to Fidelity’s latest report, the average 401(k) balance for individuals in their 20s is estimated to be around $15,000 to $25,000 by 2023. This may not seem like a substantial sum, but considering that most people in this age group have just started their careers and are burdened with student loans or other financial obligations, it is an encouraging start.
Moving into the 30s, the average 401(k) balance is projected to reach $50,000 to $80,000 by 2023. At this stage, individuals generally have more stable incomes, and their retirement plans begin to take shape. It is encouraging to see the balance increase significantly compared to the previous decade, indicating a more robust commitment to retirement savings.
For those in their 40s, the average 401(k) balance is expected to range from $100,000 to $150,000 by 2023. This is a critical decade when individuals often realize that retirement is getting closer, prompting them to contribute more towards their 401(k) accounts. The increase in average balance underscores the growing importance of retirement planning during this life stage.
Moving closer towards the retirement age, individuals in their 50s are projected to have an average 401(k) balance of $175,000 to $250,000 by 2023. At this point, individuals may choose to ramp up their contributions in order to catch up on any gaps in their retirement savings. Despite the added pressure, this age group demonstrates a commendable commitment to ensuring a financially secure future.
Finally, for those in their 60s, the average 401(k) balance is estimated to be between $200,000 and $300,000 by 2023. This age group is closest to retirement and typically starts considering how to maximize their savings for their post-working years. While there may be variations in these averages due to individual circumstances, the data suggests that many individuals are on the right track to a comfortable retirement.
While these projected average 401(k) balances by age provide some optimism, it’s essential to bear in mind that they are averages and may not reflect an individual’s specific circumstances. Several factors can influence retirement savings, such as income levels, employer matches, investment strategies, and economic conditions. Therefore, individuals should use these figures as a reference point but must develop personalized retirement plans catering to their unique needs and goals.
Nonetheless, the latest data from Fidelity offers a positive outlook on the state of retirement savings for individuals across different age groups. It indicates that many people are making meaningful progress towards achieving a financially secure retirement. Additionally, policymakers and financial advisors can utilize this information to identify areas where further education and support might be needed, ensuring that more individuals can strive towards a comfortable retirement later in life.
We are 55 no kids no debt we own 600k house we have 3 million in stocks 30k a year from them also 2700 a month pension can we retire at 55
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I have multiple Roth IRA’s accounts
It's so cute that people think these numbers should be higher… are we Boomers??? Nope, I'm an x'r … so wages have been stagnate my ENTIRE LIFE! Our small family home cost us half a million dollars. My sedan cost 60k. My husbands truck was also 60k. My sons education at GT is costing us out the nose. THATS WHY PEOPLE DIE POOR! Basic life costs way too much in this country. So will we retire- yes, but at this rate, it will probably be the day we die.
Hey, think you could make a channel and post on Runble? Just a thought. Thanks.
This kind of confirms what I've thought. I have worked hard and have had some good luck and have a great job now. Yet, some of my coworkers buy things that I wonder how they can afford it. I figured they most not be saving as aggressively I am. By the numbers you showed here, I have the average of someone ~20 years older than me. I definitely believe these numbers and i think the problem is still prolific even among people with good jobs.
Sometimes, it pays to live differently so you can live differently. Makes retirement a lot easier if you pay yourself first instead of getting the next new shiny thing.
Millennials will be working till they die. Truth be told, retirement isnt what most people think. You should still work but do something else.
At 36 I'm at the average of a 60 year old. That's kind of crazy low I would think. I feel behind still.
Hard to listen to his hard slang ..accent
Take this video with a grain of salt. 401k's are complete garbage these days so this only reflects the portion of the population that hasn't figured that out. I retired at 44 and only have 15% of my total money in a IRA due to penalties. I'm not even sure that I want to leave that much in my IRA but my portfolio is just barely big enough that I can leave that much money stranded until I'm 65. Before you comment then know that a person can pay zero taxes until around 40k on long term capital gains. If a person pays attention and focuses on increasing their cost basis every year by selling 40k of long term capital gains and then buying that same investment back right away then you can actually pay zero taxes in a regular brokerage account. This is important knowledge to possess.
So counting 401k money shouldn't be indicative of actual retirement savings. At least I certainly hope not!
Jesus those averages are so extremely low. No wonder people work until they die.
Id really like to know the breakdown by gender. Willing to bet that women have less than that of men because of earning less and single motherhood with little to no support.
Id really like to know the breakdown by gender. Willing to bet that women have less than that of men because of earning less and single motherhood with little to no support.
Damn it's wayyyyyy lower than I thought. People are going to be in trouble.
I have $125k in my 401k, about half the ROTH option, $220k in my state pension investment option and 50k in my ROTH TSP. Im 36.
These values scare me! Each of these values needs to be multiplied by a factor of 10 to be somewhat ok for retirement when that time comes. We are facing a scary chapter of mass poverty if this is how things are shaping up.
I think what articles like this fail to capture is that nowadays people have had many jobs and hence retirement savings scattered through several 401K plans, Roth's, IRAs, rollover IRAs etc. What I'm trying to say is the article does not measure total retirement savings individuals have at a given age.