Average 401(k) Balance by Age (2024 Edition)

Average 401(k) Balance by Age (2024 Edition)

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[PremSteve-ygde]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[Aarrenrhonda]

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[PauleAraiza]

After investing from my salary of 350k for 4 years, I've only made about 8% total, or 2% per year, which my friends say is very low. My employer 401k of $220K returns about 4%. What would you advice to do with my portfolio for improved returns?

[Porterfield]

This is so relatable and true lol. I remembered how tough it was before I hit the $100k mark 37. I am 56 today with over $2.8 million in my retirement nest fund alone, didnt take me any stress to get there. Maybe its because my CFP is reliable, but point is, it was way easier from there.

[jumping]

Money Guys: "Comparison is the thief of joy."

Also Money Guys: "Let's compare 401k balances." 😅😅😅

[richardmartins]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[BrettaANordsiek]

My primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I know the risks of short term gains are much greater but if well managed one'd make a killing, am I wrong?

[HugoBergmann-lund]

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

[oriondragos]

51 YO, 1.8M 401K, 1.4M Taxable brokerage acct, 400K Roth Ira, house paid off. Hope to retire in the next few years.

[rrandd]

I have been retired for 6 years. I have a 130K annuity, plus a 401k depleted to $350, 000 of money that I’m considering allocating in a 60/40 stocks and bond ratio. i'm hoping this is a valid thought process?

[Namja_]

*I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.*

[giovannymarquez]

I am 23yrs old and have $17.5k in a 401a, $6.5k in RothIRA, and $4.7k in a 457b. I am a City Bus Operator in Tampa, Fl making $22.65/hr. Doesnt take a high income to win, just good habits and determination. Im debt free and hoping to surpass $100k net worth by 24 currently at 88k net worth.

[hawgsrmylife]

Is there anything Bo isn't excited about?

[victoriaabott]

As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

[transam]

34 with 250k for retirement (income is 115k) started at 25 and didn’t hit 6 figures (income) until 30

[Sean-Hammond]

I think age bands have to be reconsidered. There is a huge difference compounding when you are banding ten years at a time. Would be interested in data within 5 year bands, or years in the work force. Something more meaningful than 30-39, 40-49 etc

[dippy]

58 years old with $900k in 401k, $200k traditional IRA, $50k Roth IRA, $60k HSA, $150k cash bal employee pension. 9 years to go until retirement.

[Loveless]

I love how you update this every year with new bits of information! I didn't know about the Rule of 55, and for myself who wants to retire at 55 (and currently on my way to hit that), glad to know I have more options once that stage of my life begins~

[marvina]

Im 22 with 400 into my 401K and 15k into my roth IRA. Thanks money guy started investing at 19!

[adamtki]

I was not an investment person and didn't know a lot about my 401k. I just took the standard advice of maximizing your 401k match when I first started working. To my surprise, I hit that million 6 years ago when I was 48.