Are You Saving Enough? 401(k) Balances by Age Revealed!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 16 May 2025

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Curious how your 401(k) stacks up? Our annual break down is back with the latest Fidelity data on average 401(k) balances by age and how to use your 20s, 30s, 40s, and beyond to build wealth strategically. From understanding your match and optimizing contributions to making smart investment decisions, this episode is packed with tips to help you hit your retirement goals. ⁠⁠⁠Jump start your journey with our FREE financial resources⁠⁠⁠⁠ ⁠⁠⁠⁠Reach your goals faster with our products⁠⁠⁠⁠ ⁠⁠⁠⁠Take the relationship to the next level: become a client⁠⁠⁠⁠ ⁠⁠⁠⁠Subscribe on YouTube for early access and go beyond the podcast⁠⁠⁠⁠ ⁠⁠⁠⁠Connect with us on social media for more content⁠⁠⁠⁠ Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.2	Average 401k by age 2025.
0:40.6	Brut, I am so excited.
0:42.7	This is one of our favorite shows that we get to do every single year, because if we're
0:47.9	going to be honest, we love 401K.
0:51.8	Well, I mean, there's so much to love about 401ks. We think about millionaires.
0:56.3	This, you can't, I got to tell you, the majority of millionaires I meet, they have very large
1:00.9	401 case, despite what social media says. But there's actually some benefits that are tangible
1:07.2	on 401ks that we should cover. That's exactly right. Some of the benefits are, number one,
1:12.4	they are tax advantaged, meaning that when you put money into your 401k, you can either
1:17.2	save money on your taxes today or you can save money on your taxes in the future. It's one of
1:23.8	the legally best ways to hide money from Uncle Sam. And number two, get that free money.
1:29.3	Woo!
1:30.3	I love it.
1:31.3	It's not just this kind of stuff, but it's also the behavioral stuff that people love about
1:34.7	401's.
1:35.7	Brian, you say this all the time.
1:37.2	One of the best ways that someone can set themselves up for success with their 401k is just
1:42.4	by doing it.
1:43.2	Because as soon as you enroll, as soon as you opt in,
	...

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