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

Moneytalksnews ^ | 09/20/2024 | Chris Kissell

[ChicagoConservative27]

Saving for retirement is a huge challenge. Knowing where you stand in comparison to peers can help to gauge whether your efforts are on track, or whether tweaking your approach is in order.

Recently, Vanguard looked at 2023 account balances by age in its defined contribution plans. Vanguard then calculated both the average balance and the median balance for each age cohort.

The average balance can be skewed by those with higher levels of wealth. So, in some ways, the median balance — the number midway between the high and the low — can be a more accurate measure of where Americans are at in terms of retirement readiness.

[GOPJ]

Is Jack from Titanic from Wisconsin?

If you mean the movie, the fictional Jack Dawson was supposedly born in Chippewa Falls, Wisconsin, USA around 1892, and was an orphan. - Google

.

Interesting picture with vehicles in the background. It gets cold in my part of Florida too - - can't swim outside much past November.

[citizen]

That’s one of my favorite episodes.

[GOPJ]

Mine too...

[TexasGator]

” I was speaking in context of those relying on a 401k for retirement, which was a reasonable inference within the thread. Otherwise what was the point of the thread? No need to be so obtuse about it.”

From the OP the median for those over 65 is $88,488. I don’t think you inference is correct.

[Skwor]

I used the 273k as the best case listed in the data, trying to show how even the best case is a very poor scenario.

89k is ~ 3 times worse than that, it just reinforces my point that those relying on a 401K+SS as an average are not positioned well at all for retirement.

[Skwor]

Those verses are a warning to0 not depend on material wealth for your salvation, which is absolutely true.

They are not however instructing a Christian to not save or be wise about our resources. God gives us a means to live within the earth and can take it away as well.

Both Job and Abraham were ridiculously wealthy, both saved and stored their riches, they just did not depend on them. Their real treasures was their faith and longing for our Lord, which was stored in heaven’s vaults, so to speak.

[TexasGator]

“89k is ~ 3 times worse than that, it just reinforces my point that those relying on a 401K+SS as an average are not positioned well at all for retirement.”

It goes to show that the thread is NOT about living on a 401k alone.

[Skwor]

LOL you just want to argue, sure ok the post referencing 401k amounts that are quite low was not in anyway about people not saving enough for retirement. Whatever floats your boat, not into goalpost moving rhetorical arguments.

[af_vet_1981]

Those verses are a warning to0 not depend on material wealth for your salvation, which is absolutely true.

His words in those verses are not about salvation, but rather about treasure.

[Skwor]

All treasure comes from salvation, no salvation, no treasure. My point was plain, those verses are not a command to act unwise and fail to be judicious with the resources God gives us.

I see many use those verses more as a cudgel to condemn anyone who has more then they have, they often are used to justify their envy.

What exactly is your point? Not being argumentative, just trying to understand.

[Poser]

The median figures indicate that the majority of people at every age are going to be poor in retirement.

[af_vet_1981]

What exactly is your point? The more important question is what was His point, which can be summarized as whether one can treat the money as belonging to the LORD.

Matthew 19:

[16] And, behold, one came and said unto him, Good Master, what good thing shall I do, that I may have eternal life?
[17] And he said unto him, Why callest thou me good? there is none good but one, that is, God: but if thou wilt enter into life, keep the commandments.
[18] He saith unto him, Which? Jesus said, Thou shalt do no murder, Thou shalt not commit adultery, Thou shalt not steal, Thou shalt not bear false witness,
[19] Honour thy father and thy mother: and, Thou shalt love thy neighbour as thyself.
[20] The young man saith unto him, All these things have I kept from my youth up: what lack I yet?
[21] Jesus said unto him, If thou wilt be perfect, go and sell that thou hast, and give to the poor, and thou shalt have treasure in heaven: and come and follow me.
[22] But when the young man heard that saying, he went away sorrowful: for he had great possessions.
[23] Then said Jesus unto his disciples, Verily I say unto you, That a rich man shall hardly enter into the kingdom of heaven.
[24] And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.
[25] When his disciples heard it, they were exceedingly amazed, saying, Who then can be saved?
[26] But Jesus beheld them, and said unto them, With men this is impossible; but with God all things are possible.


And as explained by the Apostle to the Gentiles:

1 Timothy 6:
[6] But godliness with contentment is great gain.
[7] For we brought nothing into this world, and it is certain we can carry nothing out.
[8] And having food and raiment let us be therewith content.
[9] But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition.
[10] For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
[11] But thou, O man of God, flee these things; and follow after righteousness, godliness, faith, love, patience, meekness. . . .
[17] Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy;
[18] That they do good, that they be rich in good works, ready to distribute, willing to communicate;
[19] Laying up in store for themselves a good foundation against the time to come, that they may lay hold on eternal life.

[Skwor]

Good grief you are coming across as liberation theology, being poor does not make you inherently better than someone who is “rich.” Money is not evil, the love of money is.

So I ask again, what is your point. I was clear depending on earth;y wealth will fail you, yet you somehow have a problem with the possibility that just having resources is not inherently evil?

Might help if you actual wrote something demonstrating you understand all the verses you quote. Satan quoted verses but I would hardly take his interpretation of them.

[TexasGator]

You are the goalpost mover ...

[af_vet_1981]

Was anything that I wrote untrue ?

Hebrews 4:

12. For the word of God is quick, and powerful, and sharper than any twoedged sword, piercing even to the dividing asunder of soul and spirit, and of the joints and marrow, and is a discerner of the thoughts and intents of the heart.
13. Neither is there any creature that is not manifest in his sight: but all things are naked and opened unto the eyes of him with whom we have to do.

[Skwor]

How? my original point was it was a low 401k savings and still is my point, what goalpost did I move?

That you read the thread as something different from 401ks being low as an average is not me moving a goalpost, feel free to clearly articulate what premise I moved. whether or not the thread is about low 401ks may be debatable but my point has never changed.

[Skwor]

You did not write anything, you quoted verses which is great, what you did not do is state anything significant about how you interpret those verses, yes the verses are true, now how about you elucidate on what truth you perceive from them.

Of course the verses are true, all scripture is truth. However, how people read them or use them is often not aligned with God, it takes the Spirit to fill a person with the truth.

[af_vet_1981]

You did not write anything

Yes, I did.

[Skwor]

We are done, you appear to have no intention to discuss anything, you post verses and refuse to comment, instead you expect others to see verses you list and that is your argument.

God’s word is beautiful, try to understand it, using it is not just quoting a verse, that can be sufficient at times but not as the only way to discuss his will. One’s witness and testimony includes how the Lord has changed your life and what His Word means to you and can mean to others

[SamAdams76]

That's a very good point. These type of articles are all over the internet but they only tell a partial tale as they focus on 401(k)s.

A 60 year old might only have $62,000 in a 401k but if that 60 year old was mostly self-employed over the years and has a net worth well over a million due to real estate and other private investments, that person is in a much better retirement scenario than just about any 401K holder.