How much 401(k) should a 40 year old have?

You should aim to have at least three times your annual salary saved for retirement by age 40. Workers ages 35 to 44 have an average salary of $67,756, according to the BLS. A worker earning the average salary would want to have just over $200,000 saved. Again the average and median 401 (k) balances fall short.

What is the average 401(k) balance for men?

For men, that age is 55. Average 401 (k) balance: $168,646 Median 401 (k) balance: $60,763 This group has hit the age at which catch-up contributions begin to be allowed by the IRS: Participants age 50 and older can contribute up to $8,000 in 2024

How much 401(k) should a 20 year old have?

Fidelity reports that individuals ages 20 to 29 have an average 401 (k) balance of $10,500. Those in their 30s have $38,400 on average. It recommends that by age 30, you should have an account balance equal to 1× your annual salary. How Much Should Someone in Their 60s Have in Their 401 (k)?