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But with a 401(k), you get a much bigger opportunity to put extra money into your account. In 2024 and 2025, savers aged 50 and over can contribute an additional $7,500 to a 401(k).
The median 401(k) balance for the same participants — the middle number when you line up all balances from lowest to highest — paints a different picture at just $35,286, almost $100,000 less ...
The highest average balance in any state — Connecticut- – barely tops $500,000. ... And 401(k) plans offer the closest thing there is to free money in the form of the employer match, in which ...
To this end, Vanguard has shared retirement plan data for 2023 in its most recent "How America Saves" report. And the numbers may surprise you. What retirement savings balances look like today
According to Fidelity's data from the second quarter of 2024, here is the average 401(k) balance for people of different ages: Gen Z: $12,000. Millennials: $62,000. Gen X: $182,100.
Ages 45-54. Average 401(k) balance: $168,646. Median 401(k) balance: $60,763. During this decade you may be getting a larger paycheck than ever, and perhaps you can maximize your 401(k) plan.
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It's critical to have a savings goal unique to your situation, but sometimes it helps to see how you compare.