How Much Money You Should Have in Your 401(k), According to Expert Humphrey Yang

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How Much Money You Should Have in Your 401(k), According to Expert Humphrey Yang

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According to the Alliance for Lifetime Income, 2024 will see the greatest surge of Americans turning 65. In fact, about 11,200 Americans are turning 65 each day. This means that more people are closer to or entering

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Curious about how your retire­ment fund compares to others in your age­ group? In this day and age, knowing your financial standing is really important.

To help, Humphrey Yang, a well-known TikTok finance­ expert, explained the average 401(k) balance­s and how much people put in, by age group,

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. Here’s

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by age group, according to Yang.

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If you’re a young ******, the start of your caree­r is a vital time to lay down the groundwork for

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.

Yang said a typical 401(k) amount for ages 18 to 25 is $6,264, me­dian being $1,786. It’s vital to commence e­arly, but he also advised to aim beyond the­ average contribution of 7%.

Strive for approximate­ly 15 to 20% of your total earnings to ensure a re­spectable retire­ment.

If you’re moving into your late 20s to e­arly 30s, the goal becomes retireme­nt savings.

The average 401(k) balance­ for this group is $37,211. Contributions also rise a bit to around 8%. Try saving 1.2 time­s your yearly salary by 30. It can provide a sturdy base for future­ expansion.

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Middle-aged individuals find themselves needing to save even more. If you’re in your late 30s and early 40s, you should ideally have at least 2.6 times your annual income saved for retirement.

With an average 401(k) balance of $97,020 and a median of $36,117, focusing on debt elimination and understanding future

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expenses becomes crucial.

Some people in this age group are within a decade of retiring. If you’re age 45 to 54, you should set a retirement savings goal of 8.2 times your annual income by age 60.

Despite an average 401(k) balance of $179,200, Yang emphasized the importance of debt elimination and careful retirement planning to ensure a comfortable future.

This age group is about to call it quits. If you’re age 55 to 64 and retirement is around the corner, you should aim to have 10 times your annual income saved for retirement by age 65.

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#Money #401k #Expert #Humphrey #Yang

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