Does Your 401(k) Balance Beat the Average?
It's crucial that you save money for your retirement. Unfortunately, most people don't have pensions from employers, and Social Security only replaces 40% of pre-retirement income, which is not nearly enough to have a comfortable retirement.
You can save in several different kinds of retirement plans, but a 401(k) is a preferred option for many workers because it's easy to sign up for, and employers often provide matching contributions that help the account grow. Contributing regularly to your 401(k) over your working life can give you a good chance of building security as a senior, and the more you invest, the easier it will be to grow your wealth.
If you aren't sure how you're doing on your 401(k) investing, it may help to take a look at how your retirement savings compare with your peers. To do that, check out the average 401(k) balances by age to see if you have more or less money saved than your fellow Americans.
Source Fool.com
