Today we're covering the average retirement account balances in the US and see how you compare! We'll cover everything from the average 401k balance to the average IRA contribution. What are your thoughts on the data provided?
0:00 – 0:25 Data/topic overview
0:26 – 1:08 401k contribution averages
1:09 – 2:01 403b average savings rate
2:02 – 2:18 Average Gen X retirement account balance
2:19 – 2:45 Baby boomers retirement account balance
2:46 – 3:02 Millenials' average retirement account balance
3:03 – 3:24 401k allocation changes
3:25 – 3:44 401k loans and withdrawals
3:45 – 5:38 IRA account balance & contribution averages
5:39 – 5:51 How do you stack up?
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Thanks for watching! How do you compare? 🤔
Not a fan of averages because they can be skewed by very large numbers. Did they publish the median amount or any information on medians in relationship for their clients?
Definitely get that and appreciate your input! There was no median data in this report. When they publish their quarterly 401k data/insights report that’s usually where you can find median data
Happy birthday Eric! 🥳😄
Thanks Haley!
Happy birthday Eric! 🙂
We did this already.. but thank you!
Thanks Eric good info
Thank you, Bruce!
I’ve never understood these metrics. What percentage of people have one 401K? I have multiples and assume most people do. That makes this worthless, unless you know how the distribution looks.
Medians will tell you something averages tell you nothing
Averages ? Really?^^^^^^^
15 years ago I hacked my house, no bills including food. Retired 13 years ago and sense then my assets have tripled. I have to work on spending its tough. Don’t love a house
What do you mean by hacked my house? Sold it? Rent it? Tripled your assets ? Was that just market growth or contributions too? Sorry for all the questions 😂
Roomates, my ladies and wife.
With all my free time in retirement my natural talents and interests became a bit lucrative bonus, namely trading, pimping, and book keeping.
Yes you are currect. Im trying to squeeze my post in, comes off that way. Made a lot of mistakes to get there and pain. A better way to say it is I quit a stressful 6 figure job in 2012 at 48 and used some hacks to do ok(subjective), not rich , I’m a number, left alone and enjoy my time riding a couple nice Harley’s….
I will look at more than just my account balances in my Roth IRA and Roth 401k. Because of an inheritance of two taxable brokerage accounts in 2020 and years of not contributing to retirement accounts. The combined balances in my Roth IRA and Roth 401k is about 15% of my net worth which is more than the median of all Americans at all ages.
16% 401k pre
8% catch up
Pay both off every year
I pay you to allocate my money.