It goes without saying: if you’re not investing in your 401(k) retirement plan at work, you should be.
Everyone knows that if you start saving a little bit of money every paycheck from the time you start your career in your early 20’s, all that compound earnings and interest will lead to millions of dollars upon retirement.
Really – you CAN BE A MILLIONAIRE with just a little bit of effort.
But retirement planning isn’t a very exciting topic to talk about with your friends and family over a casual Friday evening dinner party.
“How much do YOU have saved for retirement?” tends to make people a little uncomfortable.
So Web Watch has decided to do a little digging, and found this nugget of information:
WHAT’S THE AVERAGE AMOUNT OF MONEY THAT PEOPLE HAVE SAVED IN THEIR 401K RETIREMENT PLANS?
- Adults age 22-34 years old have an average 401k balance of $16,500
- Age 35-48 have an average 401k of $63,600
- Baby Boomers (ages 50-67) have an average 401 balance of $126,900
- All adults that were 55+ had an average 401K balance of $150,300
So how are YOU doing with your retirement plan? Think you’ll have enough to enjoy your golden years? If you’re doing better than the averages shown above, consider yourself lucky and pat yourself on the back. You deserve it.