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Here's how age groups stack up on average and median 401(k) balances as of 2024: Age. Average account balance. ... you should target about $240,000 in savings by age 40 and $480,000 by age 50.
For example, significant percentages of the oldest age groups plan to save $100 or less in the coming year, and over one third of youngest age group plans to save more than $10,000.
If these numbers seem higher than what you'd expect them to be, you should know that the median savings balance among each age group is considerably lower. Averages take a wide range of balances ...
Another study by Vanguard calculated the average 401(k) balances by age. The table below breaks down average and median balances by age group: <25 Average 401(k) balance: $6,718. Median 401(k ...
Image source: Getty Images. The median savings in retirement accounts: $87,000. The Federal Reserve SCF defines retirement accounts as individual retirement accounts (IRAs), Keogh accounts, and ...
Average retirement savings goal by age. ... This age group spends a monthly average on the following categories: $2,012 on housing. $1,133 on transportation. $816 on food. $558 on health care.
This age group tended to have savings in the middle ranges, with 62% of respondents in this age group having savings of between $10,000 and $249,999. The median amount saved was $61,000.
We've taken a peek under the hood at the average 401(k) balances by age group. Warning: These numbers might just change how you view your own savings goals. Person anxiously looking at a computer ...