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Average 401k balance at retirement
Posted on 2/28/13 at 10:21 am
Posted on 2/28/13 at 10:21 am
I know this article is old, but I never realized that the average 401k was this small.
LINK
I don't know where it stands now, but it is crazy to think that the average person who is at retirement age only has around 80k in their 401k.
LINK
I don't know where it stands now, but it is crazy to think that the average person who is at retirement age only has around 80k in their 401k.
Posted on 2/28/13 at 10:52 am to bpfergu
I don't think the 80K is at retirement. The 80K represents an average of all accounts from the 24 year old to the 65 year old.
Posted on 2/28/13 at 11:33 am to bpfergu
It is a low number and you are right many people will have to work much longer, but also keep in mind many people have multiple accounts (my wife and I each have a Roth and a SIMPLE so total of 4 different accounts) also those that we would assume to have the highest balances (meaning they are entering or near retirement) there was no such thing as a 401K when they entered the work force so they got a late start on contributing and hopefully have some other retirement vehicles (pensions etc) that can make up the lions share
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