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Surprisingly, 401(k) balances didnt vary as much by age as one might expect.
Heres a closerlook at how much Americans have in their 401(k) plans at every age.
Roughly 5% have $500,001 or more in a 401(k).
Eight percent dont have a 401(k) at all.
This could be because they are reliant on other retirement accounts, such as pensions.
Almost 15% believe they will have more than $1 million.
Only 9% believe they will retire with over $1 million in their 401(k) plans.
Do Americans Believe They Can Retire With $1 Million in Their 401(k) Plans?
They should also plan to live on 80% of their pre-retirement income, he said.
They can reviewcurrent savings and spending ratesto help ensure you are on track.
If $1 million is your retirement savings goal, its likely more possible than you think.
A million-dollar retirement portfolio is achievable, Cleary said.
Themost important factoris saving early and often.
Someone who waits until 32 to start saving would need to contribute $5,800 to achieve the same goal.
Having a disciplined process ofsaving and investingcan really pay off.
; (3) How much savings do you believe Americans will need for retire rich in 2025?
; (6) How much did you contribute to your 401(k) in 2024?
; (7) How much do you plan to contribute to your 401(k) in 2025?
; (11) At what age did you first begin investing in your 401(k)?
; (12) Have you ever consulted a financial advisor about your retirement?
; and (14) How confident are you in your management of your 401(k)?
GOBankingRates used PureSpectrums survey platform to conduct the poll.
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