Average 401(k) Balance by Age (2021 Edition): Are You Behind?

Money Guy Show

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

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 30 April 2021

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

It's shocking that 35% of American employees are leaving free money on the table by not getting their employer match. 401(k) accounts tend to hold the largest amount of assets in the average portfolio. In fact, 80% of millionaires invested in their 401(k) match and many credit this account as being a huge catalyst to reaching their first $1 million. How does your 401(k) balance compare to the average American? This episode helps you discover not only how powerful this wealth building tool can be, but gives benchmarks for where most people are and where you should be in your 20s, 30s, 40s, 50s, and beyond! For more information, visit: https://www.moneyguy.com/2021/04/average-401k-balance-by-age/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Average 401k balance?
0:02.7	Byage!
0:03.7	It's Brian Preston, the money guy.
0:06.8	Restoring order to your financial chaos.
0:09.8	Retirement.
0:10.7	Investing.
0:11.7	Taxing.
0:12.5	You've got financial questions.
0:14.3	He's got financial answers.
0:16.2	It's Brian Preston, the money guy.
0:19.3	Brian, I am super excited about this show because this is one we've kind of gotten to the rhythm of doing every year.
0:24.8	And what's so great is that for most folks, when it comes to building their financial life, in most circumstances,
0:32.4	the 401k account generally tends to be the single largest account that they have.
0:39.0	So we probably ought to spend some time talking about it.
0:41.7	Yeah, this is one of my favorite traditions.
0:43.2	We do an annual update show on 401k's.
0:47.1	And, bow, if you think about what has happened just so far in 2021,
0:51.8	but then even go further back to the pandemic of 2020.
0:55.9	Woo!
0:56.6	A lot of life for 401k's.
0:58.0	It was a lot of life.
0:58.6	I mean, think about this.
	...

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