Aon’s Real Deal research of 2018 places contribution levels between 4.4% and 7% for people making $30,000 or less. It’s never too early to start planning for retirement. Only 16% of female workers are above their target balance. The state of Washington has the highest contribution rate among twenty-somethings, with an average 401(k) contribution rate of 8.92%. These are average rates, which may be driven up by those contributing a substantial percentage of pay or receiving large employer matches. Both age groups expect to need around $1 million to survive through their retirement. Employees aged 20-29, on average, contribute about 7% of their income towards their 401k balance. Market data powered by FactSet and Web Financial Group. offer a table that guides Americans on how much money they need in their 401k by a certain age. Among those, 11% have a 401k balance just above the target retirement savings. That means you need to set your retirement savings goal to see if you're investing enough to meet it. So a pharmacist nearing retirement should have netted $750,000 in retirement funds. The study shows that their average 401k contribution in their twenties and thirties is 5.6%. Cumulative Growth of a $10,000 Investment in Stock Advisor, How Do Your 401(k) Contributions Compare to the Average? Altogether in 2020, employee and employer investments added up to a combined average total savings rate of 13.5% of income. Still, young Americans have time to boost their contributions. Among those, about 7% are just above the target. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. This is called a catch-up contribution. With the contribution rates listed above, we can conclude why so few Americans are able to retire at a reasonable age. Your average balance should be twice your salary by the age of 35, and by 45, you need four times your pay.Â, For a comfortable retirement, people aged 60 need at least eight times their salary. That comes out to just over $600 per month. Average Mortgage Debt – A Complete Rundown, 25+ Essential Grocery Shopping Statistics, Average Food Cost per Month – In-Depth Analysis and Trends, 14+ Romantic Valentine’s Day Sales Statistics, The Real Cost of Having a Baby – Full Overview of Childbirth Expenses, 38+ Essential Banking Stats to Know in 2020, Everything You Need to Know About SoftBank Group in 2020 + Infographic. The Gen X median 401k balance for the same quarter was $36,000. This figure marks a year-on-year improvement of 2%. References: Fidelity, Investopedia, Aon, Personal Capital, Financial Fixation, Your email address will not be published. After all, these are the last years they have left to grow their balance. Your email address will not be published. Even though the average retirement age in the US is 62, most Americans can’t afford to stop working at that point. Employers can contribute up to $37,500 to reach a combined employee/employer total of $57,000. An American’s 401k plan is a savings fund sponsored by their employer. American workers in their 40s, 50s, and 60s have median balances of $294,532, $530,696, and $642,277, respectively. . Employees over 50 can add $6,500 in “catch-up contributions” as well. The average balances, when compared to 10 years ago, have doubled. stats show that 34% of Generation X workers have no savings. For a comfortable retirement, people aged 60 need at least eight times their salary. Workers in the aerospace, chemicals, and oil industries are the best prepared for retirement, according to the average statistics on the. The average 401(k) contribution of $6,850 is pretty low for 2018 given the maximum one could have contributed was $18,500. A breakdown of the statistics is as follows: Companies use different formulas for computing an employer match. The 401 (k) contribution limit is $19,500 in 2021. People aged 60-69 from the District of Columbia have the highest, This figure marks a year-on-year improvement of 2%. Those making at least $90,000 are the ones who are hitting their targets, according to the average retirement savings statistics. Workers with this income reach their peak of contributing about 7.3% by the time they’re 60. By 40, Americans should have in 401k balance at least twice their current salary. Fidelity's data shows only around 73.3% of workers offered the opportunity to put money into a DC plan choose to do so, meaning over a quarter of workers opted out. When it comes to the lowest retirement funds by age 30, Mississippi is at the end of the table with $61,360. Among those, 9% are just above the target. Their average retirement savings by age 65 are soaring thanks to high contribution rates of 11.5%. The average retirement savings by state statistics reveal that Americans from these states have over $115,000 in retirement balances. Next on the list come Connecticut, New Jersey, Massachusetts, and Alaska. People earning over $120,000 reach a contribution peak of 12.6% by the age of 60. In fact, they start putting aside over 10% of their income (11.2%) right after they reach the age of 50. In any case, the stats show that the average contribution rate is 10.1%. Their National Compensation Survey found that of the 56% of employers who offer a 401K plan (a sad statistic in itself): 49% of employers with 401K plans match 0%; 41% match a percentage of employee contributions between 0-6% of salary. Their average 401k in 2019 was a bit over $100,000. People aged 20-29 from the Magnolia State are way behind workers from other states. The, average American retirement savings by age. So, workers that make $70,000 and whose average 401k balance by age 45 is $100,000 should step up their game. It’s interesting to note that the average 401k balance by age 35 (or 30-40) for people in this income group drops. More than half of women working in the USA (54%) are significantly below their retirement savings goal, compared to only 36% of men with significantly fewer funds than their savings goals by age 67. Millennials are in an even worse situation, with 39% having no retirement savings. So, their average 401k balance by age 29 in 2017 was an impressive 16,600. The Bureau of Labor statistics indicate that the average employer 401 (k) matching contribution is approximately 3.5 percent of the employee’s annual compensation; the median matching contribution is approximately 3 percent. We'll get to the qualification rules later, but the idea is that the credit can be worth as much as $1,000 per year, per person (married couples can get a credit of as much as $2,000). About 24% of each group believes the key to safe retirement is a trained financial advisor. After reaching their income peak at about 40, the contribution levels grow each decade to 7.7%, 9.5%, and 10.6%. Generation X managed to put aside about 8.5% of their income towards their 401k savings. The situation was identical for Washingtonians in their 30s. What if you're contributing less than the average? stood at $104,000. Average 401K Match. In the second quarter of 2009, Americans had about $52,600 in savings. stats, baby boomers have a bit under $200,000 in their sixth decade. 84.9% Participation Rate. Their 401k average balance in 2017 was a little under $300,000, i.e., $298,200. Additionally, employee contributions have increased by almost $1,100 over the last five years. Otherwise, the median American employee will have enough retirement. Americans with the lowest salaries put the smallest amount of money towards their 401k balance. With an employee match, a combined $11,280 invested annually for 30 years would add up to a generous $1.28 million. The median 401k savings of American adults in 2017 was even lower at $96,288. It may take some sacrifice to get your contributions up to the necessary level, but it's worth doing if you want to take the first key step toward a secure retirement. , American women have it worse. In other words, if you contribute 4.7% or more of your salary in your 401 (k) account, your company will contribute a maximum amount of 4.7%. Do you wonder what the average 401k balance by age is? According to Fidelity, the average amount participants invested in a defined contribution (DC) account was $7,270 over the 12-month period ending Sept. 30, 2020. All these questions give Americans headaches right when they start with their first job. due to the convenience and the possibility of matching contributions. Their, in 2019 was a bit over $100,000. According to Fidelity, the average amount participants invested in a defined contribution (DC) account was $7,270 over the 12-month period ending Sept. 30, 2020. Their average balances in 2017 were just below $7,000 at $6,900. Obviously, getting started as soon as possible is best, to provide time for compound interest to help your money grow. Its citizens, in 2017, had an average retirement balance of $219,000. When they’re 60+, their contribution remains around the 7% threshold. for people between 20-29 years of 10-15%. Their 401k average balance in 2017 was a little under $300,000, i.e., $298,200. Currently, the maximum annual employee contribution to a 401k is $19,000. If you're currently investing 7% of your salary, for example, this would mean increasing contributions to 8% if you get a 1% raise. They had an even higher contribution of 9.83% and an average savings balance of $56,400. for workers from this income group result from low contributions right from the start. This percentage is lower than the. In other words, the average … They had an even higher contribution of 9.83% and an average savings balance of $56,400. 401k Contribution Basics and FAQs. Generation X managed to put aside about 8.5% of their income towards their 401k savings. People aged 20-29 from the Magnolia State are way behind workers from other states. 10% match a percentage of … Still, young Americans have time to boost their contributions. After reaching their income peak at about 40, the contribution levels grow each decade to 7.7%, 9.5%, and 10.6%. Look carefully at your budget for cuts so you can contribute more. Employees whose salary falls within the $30,000-60,000 range manage to save more for their retirement days. Per the average 401k balance by age 60 stats, baby boomers have a bit under $200,000 in their sixth decade. As Americans near their retirement age, they tend to deposit more money into their savings accounts. Those in electronics, insurance, telecommunications, transportation, and agriculture have good opportunities too. Otherwise, the median American employee will have enough retirement savings by age 70. By contrast, the average retirement savings by age 67 among male employees are above the target for 23%. The savings below the recommended retirement savings by age for workers from this income group result from low contributions right from the start. Per the. Americans aged 30-40 and 40-50 that make between $90,000-120,000 on average, save 8.2%, and 9.4%, respectively. show that professionals in the food services will reach AoA by 75. Due to their longer life expectancy, women should always aim at higher than average retirement savings. Stock Advisor launched in February of 2002. Still, investing $7,270 each year over a 30-year career and earning an 8% return would leave you with a nest egg of almost $830,000, even before any matching funds were factored in. The Personal Capital average 401k balance at retirement stats show that 34% of Generation X workers have no savings. After all, these are the last years they have left to grow their balance. The average 401k balance by age 40 stats show that this has worked out great for them. Among those, about 7% are just above the target. Workers from all these states have average retirement balances of under $70,000. According to Fidelity, the average amount participants invested in a defined contribution (DC) account was $7,270 over the 12-month period ending Sept. 30, 2020. Workers in the aerospace, chemicals, and oil industries are the best prepared for retirement, according to the average statistics on the average 401k balance by age. Financial Fixation’s table with the average retirement savings by age and state, Arkansas, South Dakota, Nevada, and Alabama hold the five worst positions. The Saver's Credit, formally known as the Retirement Savings Contribution Credit, is designed to encourage low- to middle-income taxpayers to save for retirement. The reason behind this is the lower contribution levels of 7%. Employees whose salary falls within the $30,000-60,000 range manage to save more for their retirement days. In their forties and fifties, the contribution rates go up to 10.6% and 12.2%, respectively. The latest average 401(k) contribution was $6,850 and the latest average IRA contribution was $4,200 in 2018, according to Fidelity, one of the largest administers of 401(k) and IRA plans in the country with roughly 30 million retirement accounts. It’s interesting to note that the. The figures place the average contribution for this income level at 6.4% and 7.9% for people aged 40-50 and 50-60, respectively. 35 (or 30-40) for people in this income group drops. In fact, the average employer contribution during the same period was $4,010. Per Fidelity, the average combined contribution for employees and employers in 2019 was 13.5%. These 3 Stocks Could Make You a Fortune, Copyright, Trademark and Patent Information. Millennials, however, show interest in IRAs, with millennial-owned IRAs having jumped by 20% y-o-y. That’s the participation rate for 2019, according to the latest survey by the … The average balances, when compared to 10 years ago, have doubled. This is proven by the Real Deal figures that show people who earn $60,000-90,000 contribute 7.3% in their twenties. So, if you make $50,000 per year, you want to save about $300,000 in your 401k account. is? Required fields are marked *. have hopefully shed some light on this complex topic and have given you an idea where you stand and what to do going forward to ensure that you will be comfortable in your golden years. Plus, 67 is not everyone’s Age of Adequacy. Altogether in 2020, employee and employer investments added up to a combined average total savings rate of 13.5% of income. Of note, during this age group, you are allowed to contribute more to the current maximum of $19,000 per year for 401k. Meaning, there’s been constant growth, even though only 32% of American adults invest in their 401k savings. Returns as of 01/01/2021. This depends on age and annual income. should be able to provide you with an annual income of at least $80,000. Unsurprisingly, the average retirement savings by age stats show that young Americans have the lowest amount in their 401k. Namely, people under 30 that earn up to $30,000 put aside around 4.4% during the first decade of their careers. Aon’s average 401k balance by income level stats project their peak at 8.8% when they’re 60 and over. In fact, they start putting aside over 10% of their income (11.2%) right after they reach the age of 50. Financial Fixation’s table with the. More than half of women working in the USA (54%) are significantly below their retirement savings goal, compared to only 36% of men with significantly fewer funds than their. Stats show that to have a carefree retirement, you should set aside about 10%. In fact, the average employer contribution during the same period was $4,010. The good news is, the percentage of eligible workers putting money in DC plans has been climbing steadily, and it's significantly higher than it was in 2009, when just 65.3% of eligible workers invested. Due to their longer life expectancy, women should always aim at higher than, To illustrate this, let’s say your salary right before retirement was $100,000. When they’re 60+, their contribution remains around the 7% threshold. If you start to make more money, try to contribute a full 10% on your own. Instead, 67 is the projected minimum for most US workers. Among those with good prospects are professionals in the accounting industry, official bookkeeping stats show. Americans with the lowest salaries put the smallest amount of money towards their 401k balance. For workers in technology, this figure is 74, while 73 is the AoA for professionals in healthcare services. If you're currently investing 7% of your salary, for example, this would mean increasing contributions to 8% if you get a 1% raise. These are average rates, which may be driven up by those contributing a substantial percentage of pay or receiving large employer matches. In this situation, your. The situation was identical for Washingtonians in their 30s. People retiring at 60 need about six times their pay to maintain their current lifestyle. According to the projections from The Real Deal study, only 19% of workers save more than their target savings. statistics meanwhile reveal that in 2019, these workers deposited $6,000 more than the standard amount. Contributing to a 401(k) is a smart way to save for retirement if you have access to this type of workplace plan. Namely, citizens of the Evergreen State noted high contribution rates of about 8.92%. The figures place the average contribution for this income level at 6.4% and 7.9% for people aged 40-50 and 50-60, respectively. By 40, Americans should have in 401k balance at least twice their current salary. Among those with good prospects are professionals in the accounting industry, of $134,900 in 2017. Are you on the high end? statistics reveal that Americans from these states have over $115,000 in retirement balances. Investing 13.5% of income for retirement is a pretty good amount, although ideally the combined contribution rate would be closer to 15% to 20%. The. Average 401(k) balance: $102,700; The average contribution rate: 8.5% of compensation; Goal by age 50: 6x your income; You start to see more put away in this age bracket, as typically these are your peak earning years, and by now, your student debt has either become more manageable or you paid it off by your mid-forties. While it's possible some of them are saving for retirement in other accounts, such as an IRA, it's not likely as most people with workplace plans invest in them first due to the convenience and the possibility of matching contributions. This depends on how much money you make per year. The only differences between a Roth IRA and a 401k (either traditional or a Roth 401) is that: a) a 401k is limited to the mutual funds/other investment options that your employer chooses which may be limited or may be diverse but is not as varied as an IRA, b) contributions to your 401k are made pre-tax (if it’s just a standard 401k) or after tax (if it’s a Roth 401k which makes it no different than a … The, stats show that this has worked out great for them. The reason behind this is the lower contribution levels of 7%. This is an interesting discovery because the average contribution rate for this age group is only 7.8%. Almost half of the workers (46%) are, in fact, significantly below their target. Even though the average retirement age in the US is 62, most Americans can’t afford to stop working at that point. Scroll down to find the key stats about the 401k goals by age alongside answers to some common FAQs. Both age groups expect to need around $1 million to survive through their retirement. Still, due to inflation, the amount would equal to $62,681 in 2019. It should be noted that many people have logged lots of working years reaching their earning peak by their 40th birthday. During their twenties and thirties, Americans making over $120,000 save about 9.9% of their paycheck. There are other limits imposed on contributions from “highly compensated employees” (HCE’s). For workers in technology, this figure is 74, while 73 is the AoA for professionals in healthcare services. At the start of 2020, the amount was even higher, at $6,500. Most American … As you get a raise, you can also increase your contributions. What’s the percentage of your income you need to put aside? By starting early and enjoying historically average returns, at age 65, an individual could turn $827,000 of contributions into over $6.6M dollars. source: PensionRights.org. Workers with this income reach their peak of contributing about 7.3% by the time they’re 60. As for the median 401k balance, US employees aged 30-39 have around $16,500 on their accounts. The leader in the 50-59 age group in terms of average 401k savings was Connecticut. To do that comfortably, the average 401k balance by age study set the final pay multiply at 11.1. In fact, Washington state also has the highest average contribution rate and 401(k) balance among people … And unfortunately, not everyone contributes anything at all. So that would represent the best possible match – an extra $37,500 put toward your retirement. Unsurprisingly, the average American retirement savings are the most substantial in this income group. During that same time frame, the average contribution amount for an employee was $7,150, while the average employer contribution amount was $4,090. On average, companies make an average 401 (k) match of 4.7% of your salary, provided you contribute that percentage yourself. Automatic enrollment is one of the leading reasons for this increase, since 90% of people who are signed up by default to put money into their accounts don't end up opting out. According to a November 2002 CNN Money article, the average employer match is 3.7 percent of an employee’s salary for employees who choose to max out their contributions. Workers age 50 and older can contribute an additional $6,500 in 2021. Americans in their 20s have a median balance of $34,006, while those in their 30s have median savings of $109,776. Or in some cases, they may need to exceed them. The study shows that their, in their twenties and thirties is 5.6%. During the 12-month period ending in September of this year, the average 401(k) participant saved $7,270, Fidelity found. In their forties and fifties, the contribution rates go up to 10.6% and 12.2%, respectively. In this category, six out of 10 employees can afford to retire at the age of 67. This compares to 30% of employees in the automotive, banking, engineering, and entertainment industries. Still, investing $7,270 each year over a 30-year career and earning an 8% return would leave you with a nest egg of almost $830,000, even before any matching funds were factored in. The average amount for this age group is set at a modest $4,300. How much can I contribute? Most American adults aged 30 should have savings equal to their annual salary, according to the average 401k balance by age 30 statistics. What is the average employee contributing? Unsurprisingly, the, are the most substantial in this income group. The Real Deal study conducted by Aon discovered that only 1 in 3 employees would be able to retire at the age of 67. average 401k return. Workers earning $120,000+ boost their. Citizens aged 60-69 had the highest average savings compared to people in their sixties from the other states. The average amount for this age group is set at a modest $4,300. All these questions give Americans headaches right when they start with their first job. With the contribution rates listed above, we can conclude why so few Americans are able to retire at a reasonable age. As people get older and their salary grows, they tend to put aside more of their income. So, their, 29 in 2017 was an impressive 16,600. The Compdata survery reported that the average for the actual dollar amount of the match was around … The average 401(k) balance is $92,148, according to a 2019 Vanguard analysis of over 5 million 401(k) plans issued by the company. 1 in 3 Americans can retire comfortably by 67. But most people don't have that amount of retirement savings . The savings below the. This percentage is lower than the recommended 401k contribution by age for people between 20-29 years of 10-15%. Aon’s. 70. Vermont’s average is just below $500,000, i.e., $493,432. They are accompanied by those in mining, food, and beverage utilities. Even though 7th on the list of average retirement balance, Washington topped the list of 401k balance among Americans in their 20s. The median 401k savings of American adults in 2017 was even lower at $96,288. According to Fidelity, the average 401 (k) balance was $95,600 in 2018, hardly enough to sustain what could be decades in retirement. *Generally, financial planners say the expected rate of return for a 401k is between 8% and 10%. Scroll down to find the key stats about the. That comes out to just over $600 per month. statistics. These funds go to a separate account and can be used for investing and growing your retirement income. And unfortunately, not everyone contributes anything at all. Workers earning $120,000+ boost their 401k balance by age 60+ the most by contributing 12.6% of their income. Millennials, however, show interest in IRAs, with millennial-owned IRAs having jumped by 20% y-o-y. Here are the average 401 (k) balance by age range as of the second quarter of 2019, according to data released by Fidelity Investments. Former college teacher. Among those, only Iowa has an average 401k balance of over $500,000 at $522,173. Namely, citizens of the Evergreen State noted high contribution rates of about 8.92%. As Americans near their retirement age, they tend to deposit more money into their savings accounts. It should be noted that many people have logged lots of working years reaching their earning peak by their 40, birthday. For 2020, employees can contribute up to $19,500 to their 401 (k) accounts. As for the median 401k balance, US employees aged 30-39 have around $16,500 on their accounts. By contrast, the, 67 among male employees are above the target for 23%. With the average wage stateside for people 25-35 being $43,524, young Americans are on the right path. Textbook contributor. In any case, the stats show that the average contribution rate is 10.1%. Fidelity's data shows only around 73.3% of workers offered the opportunity to put money into a DC plan choose to do so, meaning over a quarter of workers opted out. If not, you'll need to find ways to bump up your retirement investments. was Connecticut. Their median balance is $62,000, i.e., higher than that of any other age group. Making more money makes it possible to save more funds into your retirement balance. The average contribution of 11.2% of the income towards 401k perfectly reflects that. Americans from this state had an average amount saved for retirement of $134,900 in 2017. Budget for cuts so you can contribute up to a 401k balance by age the! Need at least 10 % or receiving large employer matches to 10.6 % and average... At 6.4 % and 12.2 %, respectively X workers have no savings of! I.E., $ 493,432 on how much money they need in their twenties and thirties is %. By state statistics reveal that Americans from these states have average savings $... 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