Reported 9 months ago
The average American aged 45-54 has saved about $48,301 for retirement, nearly the cost of a new car at $47,000, showcasing financial challenges. Vanguard's report reveals disparities in 401(k) balances across age groups, with notable gaps between average and median balances indicating varied savings habits. Auto-enrollment has boosted participation rates, especially among older employees, while factors like economic instability and immediate financial needs contribute to low savings. Tips for enhancing 401(k) savings include maximizing contributions, utilizing employer matching, making catch-up contributions, adjusting contributions regularly, and seeking professional advice.
Source: YAHOO