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| Posted by | Message | bpfergu 
Arkansas Fan
Member since Jun 2011
3057 posts
| Average 401k balance at retirement (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.
| | Back to top | Share on  | evil cockroach 
LSU Fan
27.98N // 86.92E
Member since Nov 2007
3912 posts
| re: Average 401k balance at retirement (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.
| | Back to top | | bpfergu
Arkansas Fan
Member since Jun 2011
3057 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.
| | Back to top | | Tigerpaw123 
USA Fan
P'ville
Member since Mar 2007
7571 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
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