If you are like most people, you have not saved nearly enough money to maintain your standard of living once you retire from your job. According to a study from Fidelity Investments, the average retirement savings for 11.8 million 401k balances in America is just $74,600. In most cases, that is maybe the equivalent to a year’s salary. Certainly not enough to keep you in the life to which you have been accustomed for the twenty five or so years you will likely have left to live. If you are over 55 years old, you could be better off than the average of all retirement accounts, with the study showing you probably have about $130,000 in your … [Read more...]
Do You Have an Average 401k Balance?
It's no secret that the average retirement savings for most Americans is not going to cut it. One of the central pieces to that problem is how people treat (or ignore) their 401k accounts. The amount of money that you save in your 401k is going to play an important role in your retirement. Although you may not be able to retire on the funds in your account without other available resources, it should still be core among several funds that will be used to meet your financial needs. According to a report from Fidelity Investments, the average 401k balance in the United States was $77,300 at the end of 2012. Unfortunately, if you think … [Read more...]