I remember when I was a kid and someone else\u2019s parent bragged about how well their kid was doing. As a child and parent, I will attest that no one whose parents bragged they were a genius, was an actual genius. In addition, if you think things you have are bad, some people have it worse than you.<\/p>\n
In 2024, Vanguard said the average balance for its 401(k) between the ages of 45 and 54 was $168,646. Fidelity\u2019s figure for plans they do administrative work for was $192,200 for the 45-to-60 crowd. While Fidelity participants have more money than Vanguard participants, the numbers are awful. What is scarier is that the median 401(k) account balance for all 45-to-54-year-old participants in Vanguard\u2019s retirement plans is just $60,763. This means that half of the plan participants in this age bracket have less than $60,763.<\/p>\n
60 isn\u2019t that far in retirement and if you just have an average balance, you have almost nothing for retirement.<\/p>\n
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