Average 401(k) Balance by Age (2020 Edition): Are You Behind?

A 401(k) balance is one of the most important tools on your journey financial freedom. According to the National Study of Millionaires, 8 out of 10 millionaires used the growth from their employer sponsored 401(k) plan as a primary factor in their financial success.

In this episode, learn what makes this retirement savings vehicle so powerful and how your 401(k) balance measures up to your peers. Don’t pass up this opportunity for free money and powerful compounding interest!

In this episode, you’ll learn:

• What makes 401(k) accounts so powerful
• How to make the most of your retirement savings
• How much you should be saving every year
• How much you should have saved at your age
• The average 401(k) balance for each age group
• 401(k) planning opportunities for your 20s, 30s, 40s, 50s, and 60s

Research and resources from this episode:

• How much should I save for retirement? (Fidelity)
• Get your retirement savings rate. (Fidelity)
• How much do I need to retire? (Fidelity)
• How America Saves 2019 (Vanguard)
• Quarterly Retirement Trends Q4 2019 (Fidelity)
• The average 401(k) balance by age (Bankrate)

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