The Average 401(k) Balance of Americans at Every Age

Moneytalksnews ^ | 09/20/2024 | Chris Kissell

[Diana in Wisconsin]

“My Rollover IRA and our Traditional IRSs, however, have a balance of ~$8 million (with $0.00 in debt).”

Don’t tell Laz, but: ‘Marry Me?’ LOL! Just kidding! ;)

God Bless You & Yours! ‘Plan the Work, then Work the Plan.’

You obviously have. :)

[Diana in Wisconsin]

On, Wisconsin!

Wisconsin is where ALL of the ‘Cool Grandmas’ were born. ;)

[Labyrinthos]

*Law*

[Labyrinthos]

Me and the Mrs. have been planning since day one!

[Diana in Wisconsin]

Wish I had had that kind of marriage. My ex worked against me at every opportunity.

He’s long gone, now. Most likely living under a bridge somewhere. ;)

[taxcontrol]

In short, I am working until I am 90.

[ProtectOurFreedom]

That’s a good point. The average is of those HAVING 401(k) accounts and doesn’t include those that do not.

[Texas resident]

Is that near Chagrin Falls? Where Tim Conway was from?

[Texas resident]

I tell my kids: “work hard. You are paying for my Social Security.”

[grey_whiskers]

*Law*

Thanks. (Insert obligatory "So sue me" quip here)

[crusty old prospector]

If I had to do it all over again, I would have bought more tracts of raw land. Land appreciates at about the same rate as the market and you have a physical asset. Taxes are low on timber land. And you can stand on it and say in your best Obamao accent, “I don’t own this.”

[Skwor]

59 and ready to retire, my current plan will have me at 100% replacement income for my salary, I also own my house. I know quite well what it takes to have a sustainable income to retire on.

I am not a fan of the 80% rule, I will have 100%, a healthy savings to pull from and own my residence with no lingering debt.

[Texas resident]

There is a lot of timberland for sale in Texas, Louisiana and Arkansas. But you have to do a lot of research to see if it will pan out.

[Labyrinthos]

LOL.

I have working or pay (outside of family) since the age of 12: Cutting grass/shoveling snow; dishwasher; short order cook; McDonald’s; toxic sludge remediator; grounds keeper; apprentice stone cutter/mason; union laborer;legislative aid; and lawyer, among other things (mostly legal). Never stopped working saving, or investing for 53 years.

[JusPasenThru]

I recognize being blessed. No skill on my part, just showing up for work and staying married to one woman in my life.

We have a family friend who is 78. She lives in our Kentucky home free of charge. And we’re all she can afford.

Our ‘retirement home’ is in South Florida. That’s one reason I’m still working part time.

In any case the afore mentioned figures are really depressing. I wish I had room for more free folks, but I just don’t.

[plain talk]

Dittos. I would say $1M is low. But it depends on one’s standard of living and how much you will spend each month. My intent was to continue the same standard of living in retirement and make the transition seamless.

If you don’t spend much or are poor to begin with while working you don’t need to save as much.

[af_vet_1981]

Cut back on spending, max the 401k ...

401K Roth or IRA is the issue, but long time accumulation through compounded growth of very low cost stock index funds over 40+ years has the best historical track record. Of course past results are no guarantee of future results, and one rule to remember:

Matthew 6:

19. Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
20. But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
21. For where your treasure is, there will your heart be also.

[crusty old prospector]

I would say as long as it had access (not landlocked) and wasn’t surrounded by chicken houses or meth shacks that it would be worth about $5,000 an acre. It used to be that if the timber was mature, it was worth more than the land value. Not anymore.

[GOPJ]

Near Willoughby? Isn’t that a town in the Twilight Zone?

[GOPJ]

That’s cool. Looks like a beautiful place...