Skip to site content
The Show

Average 401(k) Balance by Age: Are You Behind?

How does your 401(k) balance measure up against your peers? Do you have enough or are you behind? When we meet with potential clients, most of them want to know the answer to these two questions:

  1. Where am I?
  2. Where am I headed?

Tune in to this week’s episode as we share the average 401(k) balance by age and answer the question of whether or not you’re behind with your retirement savings.

Here’s What You’ll Find Out in this Episode:

  • Fidelity’s research of 401(k) balances over the last ten years since March 2009
  • How a financial advisor can help you stay the course
  • What percentage of your gross income of you should be saving
  • What the opt-out principle is
  • What the average employee contribution rate is
  • The biggest age group withdrawing funds from their 401(k)
  • The penalties for early withdrawals from your 401(k)
  • How compound interest works in your favor, and what the concept of 88 times over means to investors
  • The benefits of Roth IRAs
  • The amount you have to save to become a millionaire in every decade of life
  • The sobering statistic of how many people have outstanding loans from their 401(k)
  • The downside of taking out a loan from your 401(k)
  • The role taxes play in your retirement planning
  • The average 401(k) balance for people in their 30s, 40s, and 50s
  • How much 40-somethings really know about their retirement needs
  • Investment opportunities available for 40-year-olds
  • What to pay attention to in your investment portfolio
  • Factors to consider before withdrawing Social Security benefits
  • Success indicators when looking at your retirement plan

Resources Mentioned in this Episode & Related Episodes

When we create content, we load it with actionable steps that you can apply immediately to your financial life. But, there are different ways to approach your finances depending on your age or how close you are to retirement. Therefore, we have a series of shows, including this one, that addresses financial topics with your age in mind:

Also mentioned in this episode:

Enjoy the Show?

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

How Much Should You Save?

How much of your income can you replace in retirement? You can replace different portions of your income in retirement…

View Resource

Articles

401(k) – Your Ultimate Guide

, , ,

Read More

Where Should You Invest? (A Beginner’s Guide to Investing in 2024)

, ,

Read More

What Is The Best Way To Buy A Home In An Expensive State?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

LIVE ASK WifeWorkLonger

Should I Make My Wife Work Longer?

Watch Now
FULL HowToBecomeAMillionaire B

How to Become a Millionaire By Age (2024 Edition)

Watch Now
Laid off

I Just Got Laid Off! What Now?

Watch Now