April 1, 2021

IT'S A PURITAN NATION:

Here's how much money Americans in their 40s have in their 401(k) accounts (Nadine El-Bawab, 4/01/21, CNBC)

To help you know if you're on track, retirement-plan provider Fidelity set benchmarks for how much you should have saved at every age. By 40, Fidelity recommends having three times your salary put away.

If you earn $50,000 a year, you should aim to have $150,000 in retirement savings by the time you are 40. If your annual salary is $100,000 a year, you should aim to have $300,000 saved.

The average 401(k) balance for Americans between the ages of 40 and 49 is $120,800 as of the fourth quarter of 2020, according to data from Fidelity's retirement platform.

Americans in this age group contribute an average of 8.9% of their salaries.

Posted by at April 1, 2021 11:40 AM

  

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