401k Balances in 2022: A Look at the Average Amounts Saved by Retirement Investors in Their 50s and 60s 💰
Average 401k Balance 📊 for 50 & 60 Year Old Retirement Investors 💵 (2022 Edition) In this blog, I want to show you the average 401k balance for investors ranging in age from 45-65. I also want to give you the median 401k balance for investors in the same age range. 401k's are one of the most popular retirement investment vehicles that individuals use to grow their retirement savings. As an employee, you are allowed to contribute $20,500 into your 401k on a yearly basis. If you are over 50, you can contribute another $6,500 into your 401k. According to the US Census Bureau, only 41% of individuals actually contribute to their 401k plan. With 401k balances (we will see this in a moment) being so low for individuals approaching retirement, what can you do to increase your 401k balance and retirement savings? 1. Contribute the catch-up provision to your 401k If you are over the age of 50, you have the ability to contribute an extra $6,500 into your 401k each year. T