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Here is how much Americanscontributed to their 401(k) plans last year.
The percentage you should contribute varies based on your circumstances.
Ideally, Margeson recommends contributing at least 10%.
To ensure growth over time, it is also important to incrementally increase your contribution rate, Margeson continued.
To determine what makes sense for you, consider using financial planning tools offered by your employer.
These platforms can provide recommendations and benchmarks to ensure you are making progress toward retirement.
This will ensure you are fostering steady growth for your 401(k) plan without manually updating it.
How Much Do Americans Have in Their 401(k) Plans?
According to the study, the average 401(k)plan account balanceat year-end was approximately $100,300.
Your ideal balance depends on several factors.
This is good news, as tapping into your 401(k) plan is less than ideal.
It is important to note that financial wellness is a personal journey and there is no one-size-fits-all approach.
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