The average American believes they’ll need to save $1.8 million for their post-work years, according to Charles Schwab’s “2024 401(k) Participant Study.”
However, most Americans in their 50s have much less than that stashed away for retirement.
The average 401(k) account balance for people in their 50s is $212,400, as of the first quarter of 2024, according to data shared with CNBC Make It from Fidelity Investments, one of America’s largest 401(k) providers. However, the average tends to skew higher due to a few larger 401(k) account balances.
On the other hand, the median 401(k) balance for people in their 50s is $64,300, per Fidelity’s data.
Here’s how much Americans have in their 401(k)s by age, according to Fidelity.
And that’s just among people who have 401(k) retirement investment accounts. Some 20% of adults age 50 and over say they have no retirement savings at all, according to a 2024 AARP survey.
One reason Americans …