Average 401k balance at retirement | TigerDroppings.com

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bpfergu
Arkansas Fan
Member since Jun 2011
3411 posts

Average 401k balance at retirement


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.







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evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
5126 posts

re: Average 401k balance at retirement


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.





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bpfergu
Arkansas Fan
Member since Jun 2011
3411 posts

re: Average 401k balance at retirement


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.





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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
9190 posts

re: Average 401k balance at retirement


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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