bpfergu Arkansas Fan Member since Jun 2011 3291 posts
re: Average 401k balance at retirement (Posted on 2/28/13 at 10:54 am to evil cockroach)
Yeah, I guess the title was a bit confusing. I should have said at "optimal retirement age" or something. If anything it just shows me that most people are going to have to work well past their mid 60s to stay afloat.
Tigerpaw123 USA Fan P'ville Member since Mar 2007 8207 posts
re: Average 401k balance at retirement (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