Average 401K Balance By Age How Much Is Enough

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Comparing Your 401k Balance to the Average American by Age. • In this video, we dive deep into the average 401k balance in America segmented by age groups, from Gen Z to Boomers. We'll start by explaining what a 401k is, its automatic contributions from your paycheck, and the importance of ensuring your contributions are invested to grow over time. We'll also discuss the employer match benefit and the difference between Roth and traditional tax benefits. The video aims to shed light on where the average American stands in their retirement savings and offers guidance on how to catch up if you're behind. We'll go over the average and median 401k balances for different age groups and highlight the importance of contributing at least 15-20% of your income towards your retirement. Real-life examples illustrate how compound interest works and the significant difference starting early can make. Towards the end, we discuss recommendations by Fidelity and the gap many Americans have compared to these benchmarks. This informative video is a must-watch for anyone serious about securing their financial future and maximizing their retirement savings through strategic planning and early investment. • Chapters: • 00:58 401K Intro (Quick) • 02:49 25 Under • 06:54 Ages 25-34 • 09:22 Ages 35-44 • 11:06 Ages 45-64 • Sources: • https://www.nerdwallet.com/article/lo... • https://www.bankrate.com/retirement/a... • https://www.cnn.com/cnn-underscored/m...

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