Here's Last Year's Average 401(k) Contribution
How much are people utilizing their workplace's retirement savings plan? It's a question worth asking since the size of anyone's retirement nest egg ultimately depends on how much they contribute to it in the meantime. The more you put in now, the more you'll have later.
To this end, here's a closer look at how much money people put into their 401(k) accounts last year and the added bonus they received as a result. If there was any doubt that these employer-sponsored accounts should be a prioritized way of building wealth, this just might convince you.
Cutting straight to the chase, retirement plan administrator Fidelity reports that participants in its 401(k) plans diverted an average of $8,800 of their 2024 salaries into these workplace retirement accounts. That's up from 2023's figure of $8,530, again according to Fidelity.
Source Fool.com
