In this video, we’ll discuss the average amount of money that people keep in their 401ks based on age.
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0:00 Intro
0:18 22-25
1:45 25-34
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5:41 Outro
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Great Moneybee!! I am not American but I started savings for retirement at age 25 & I am 70 now!! In my experience of savings without the 401K, I did it very conservative by saving 88% per pay checks. I invested the big amounts into properties since I was 30 years old. The return is amazing & much greater than 401K. I have US$2.4 million in cash & at least US$33 million in real estates equity!! I am in good health to relax in my retirement!! My success came from FEAR & INSECURITY of living in ASIA!!!
Take some non professional advise, most of you don't need a 3k + square ft. house with 4-5 bed and 4 bath. Most don't need a new 58-70k suv / truck to haul 2-4 people around.
Use some (not so) common sense, buy what is truly needed and invest the savings. You wont regret it!
Great primer and descriptive. Been maxing out since 2015
Hanging in there. 39 with 320k. Was up to near ~500k pre pandemic.
You've done an absolute top notch job on this. Very informative! I’m a dividend investor, my wife and I have invested in the s&p500, both through my TSP with the government and through fidelity in her 401-k. Cashed out 370k from the S&P and invested with a full service broker.. Until about 3years ago we were 100% in the s&p after over 30 years. I’m retiring at the end of the month at 59, while my wife will retire next year at 54. We currently have 5.7 million in out tex deferred savings.
Interesting content, videos like this and insight from an expert goes a long way.
I put $0.00 on my 401k, I am 50 years old. If I was younger still put $0.00 on my 401K
My 401k has high fees and I do not like that. The fund is a low class fund and the fees are higher that the yield.
These numbers are honestly trash. I’m very scared for society
Very interesting numbers. I’m assuming this is strictly regarding 401ks. I’m just wondering; what’s your opinion on maxing out a Roth IRA first each year, and then contributing just enough to get the employer match in a 401k if the 401k investment options are very limited with high fees and you are in the younger age bracket where it’s not feasible to max out a 401k each year? And then contributing some leftover money to a standard brokerage?
The good news is= if you are reading this you care and are thinking about your future !! Just slowly and methodically work on making something happen for yourself 🙂
Great info! Thanks for the avg. / median points and clarification – I keep getting those mixed up.
Excellent video!!! I just liked and subscribed. Very informative.
Like the man said, "You Gotta Pump Those Numbers Up. Those Are Rookie Numbers!"
Retiring early at 55 in 28 days. I have a 457 plan that has a decent balance especially compared to your video and no debt. If there could be one thing that I could do over I would have put my money in and forgotten about it. I tried several times to time the market which did not work out well except for 2008. I have always lived within my means and I'm sure that will continue.
Who knows, I might decide to get another job in 6 months but for now it's a hammock under the palm trees for me. Thank You for your video.
Those numbers seem awfully low. I am always curious how much money people fond themselves spending per month in retirement today, and what are they spending it on. So hard to find this info from real life scenarios instead of theoretical scenarios. I feel like our 401K investments won't be enough when we retire, especially when I hear that social security pays little or might not exist, and medical expenses will be high.
These numbers are so low it is scary! I am so glad my wife and I have pushed ours up far above these numbers.
Wow I’m doing pretty well, I’m way over the average for my age group.
Question. I have 450,000 in my 401k and I’m 47 plus stocks and saving for another 75,000. Honestly, am I going to be good?
Great explanation. I am way behind the average for my age group but above the median. That is due to having lower income jobs and trying to get out of debt, both of which i am working on improving. But I am getting 12% return on my 401k so Im looking forward to when i can invest more in it. Yes the maximum is 19,500 for contributions, but if your only making 30-50k thats a large chunk of your income to be contributing.
56 with over 500k and vested in a pension. Feeling good about where I am at right now. Glad to help bring up the average. Thanks for putting together this video.
Good to know I am not behind despite having a late start. Was not able to start putting money in retirement till I was 27 years old and was not able to put in any money into retirement in 2020. Currently got $32,000-$33,000 in total at 31 years old and put in $425.00 from each paycheck into a Roth with a 6% match, so despite the late start, looks like I will be fine based on you what you said for 30 year olds.
Bitcoin is your retirement catch up lol
57 years old $292,000
I didn’t think I was doing as well as I am.
In year or so most peeps 401ks will be cut in half. sorry buckle up
Great video Courtney. Plus I should mention : I like the setup. Cheers
I did not start contributing a 401(k) until the age of 40. In over 10 years, I have gained over $76,000 in my 401(k) plan and get no matching but have learned how to manage my retirement account to where I'm getting good returns.
Great content as always, I enjoyed watching it…thanks….:) a fellow creator
Always such an interesting topic. Mine was definitely under since I never had access to a 401k before 30.
Such an important topic and so good to have a benchmark!
That 22-25 year old age group is where I fall, sad to see how many people who are young do not take advantage of the benefits of early compound interest. Great research for this one!
Great breakdown! I never knew that these were the avg. balances. If inflation continues this way, we're going to need a lot to retire.
great vid as usual! love it