Understanding the Average 401(k) Balance for Ages 55 to 64
Saturday, 5 October 2024, 06:00
Exploring the Average 401(k) Balance for Ages 55 to 64
The Average 401(k) balance for individuals aged 55 to 64 stands at $244,750. This figure may appear substantial; however, it realistically highlights a potential shortfall for those on the brink of retirement. Many in this age range are merely one to ten years away from retiring, making it essential to reassess financial strategies to secure a comfortable lifestyle in retirement.
Key Considerations for Retirement Planning
- Prioritize Savings: Maximizing contributions in these years can help improve your overall balance.
- Assess Withdrawals: Understanding when and how much to withdraw is vital for longevity of funds.
- Investment Mix: Ensure your portfolio is aligned with your retirement timeframe and risk tolerance.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.