CLICK HERE TO GET THE FOX BUSINESS APP
According
to the news site, the average 401(k) balance is $103,700. But it's
worth noting balances vary greatly depending on age.
Fidelity
provided data to CNBC to determine the average amount Americans have in
their retirement savings account at each age (as of the first quarter
of 2019). Here's what the company discovered.
- 20-29: $11,800
- 30-39: $42,400
- 40-49: $102,700
- 50-59: $174,100
- 60-69: $195,500
The
exact amount you should aim to have in your retirement savings account
depends on your lifestyle, location, among other factors. However,
Fidelity told CNBC most American workers should save at least 15 percent
of their income each year.
“Make
sure that you’re saving at least enough to get the full match that your
employer offers,” Taylor told the news site. "[Then] make a commitment
to yourself that you’re going to increase your contribution by 1-2%
every year until you get there."
To see where you stack up, check out NerdWallet's 401(k) calculator.
https://finance.yahoo.com/news/average-401-k-balance-age-163125540.html