Average 401(k) Balance by Age

The good news is that Americans have been making an effort to save more. According to Fidelity, the investment firm/brokerage that administers more than $5 trillion in assets, the average 401(k) plan balance reached a new all-time high of $92,500 in 2016 – up $4300 from a year ago.

 

What should you aim for, savings-wise? Fidelity has some pretty concrete ideas. By the time you’re 30, the company calculates you should have saved half of your annual salary. If you make $50,000 on your 30th birthday, you should have $25,000 banked for retirement.

 

By age 40, you should have twice your annual salary.

 

By age 50, four times your salary;

 

By age 60, six times, and by age 67, eight times. If you reach 67 years old and are making $75,000 per year, you should have $600,000 saved.

 

 

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