Average 401(k) Balance by Age (2023 Edition)

Money Guy Show

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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 21 April 2023

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Are you doing better than the average American at saving in your 401(k)? We'll talk about basics of a 401(k), including new limits, employer matches, and vesting schedules, how many millionaires are created by 401(k)s, and of course the average 401(k) balance by age. 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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0:00.0	Put on the bib, we've got a 401k feast for you today.
0:12.6	Ryan, I am so excited about this show because we love getting to do this one every year.
0:18.0	Because for most people, your 401k account is a very important piece of your overall financial
0:24.8	puzzle. So one of the things we want to make sure we can speak to is what are the things you ought
0:29.4	to know about them. What are the things that you should be familiar with? And what we all are
0:33.0	curious about is how do I stack up my peers? How do I compare to those around? That's definitely
0:37.6	important. But I want to make sure everybody knows because I think there's going to be a lot of
0:40.8	people. We know we have approximately 40% of our audience are just people who's stumbling
0:45.6	upon us for the first time. So here's what we're going to load you up with. First of all,
0:48.7	if you ever want to know the basics of a 401k, got you covered today. If you ever want to know the
0:53.3	secrets and some of the tips and tricks and other provisions that a lot of people don't know,
0:58.5	we're going to load you up with that. We're also going to share all the other things of why we love
1:02.7	401k's. And of course, we will close it out with how do you stack up among your peers with this
1:08.8	important wealth building tool? Okay. So let's start with some crazy 401k stats. Some really
1:13.7	interesting things that you may not know. Some of this might be surprising to you. Some of them might
1:18.9	not. Here's the first one I thought that was really interesting. For those of you that don't know,
1:23.1	401k's often allow loans. Certainly more here in recent time that's been some that people have
1:29.4	had to utilize. Surprisingly, 17% of individuals right now have an outstanding 401k loans. 17% of
1:37.8	folks have said, I'm going to tap into my retirement savings to subsidize or somehow use those
1:43.8	dollars today. That's a good thing. That's definitely we're going to go into the details of why that's
1:48.4	a horrible thing. And I'm just sad that it's getting close to one in five. Are you taking these
1:53.7	loans? This is not a good use of your resources. How about this next step, Brian? 34% of 401k
	...

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