Reported 4 months ago
Some Gen Xers born between 1965 and 1980 are saving impressively in their 401(k) plans, with an average balance of $543,400, almost on par with baby boomers. Fidelity data shows long-term Gen X savers averaging higher balances than baby boomers, with Gen X contributing an extra $200 on average. Many boomers are already retired, while some Gen Xers are saving more aggressively as retirement nears, benefiting from increased contribution limits for older individuals. Fidelity research reveals that 401(k) millionaires hit a record high of 485,000 savers in the first quarter, showcasing the success of consistent saving and increased contributions over time.
Source: YAHOO