This Is the Average 401(k) Balance for People Aged 55 to 64

Retiring on Social Security alone won't be enough for most people, so it's common to stash away money in retirement accounts like a 401(k). However, figuring out how much you need to save in a 401(k) can be tricky. Before diving into that, it might be helpful to see what others have saved as they get closer to retirement.Every year, Vanguard takes a look under the hood of nearly 5 million account holders and shares their savings habits in its "How America Saves" report. By the end of 2023, Vanguard found that the average 401(k) balance for those ages 55 to 64 was $244,750. That's not too bad, especially when combined with savings in other retirement accounts. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool