Olde Hornet
Well-Known Member
I think this article is misleading, but I posted it to point out the importance of saving for retirement. If it would have said that this is the average for people 50 or 55, it would have had credibility.
https://www.investopedia.com/ask/an...m_source=yahoo&utm_medium=referral&yptr=yahoo
According to a 2018 Fidelity Investments analysis, average retirement-account balances are $106,500 for 401(k)s, $111,000 for IRAs, and $85,500 for 403(b)s. That’s a far cry from what Fidelity recommends most Americans save: six times their salary by age 50, and seven times their salary by age 55.
401(k) plans or individual retirement accounts (IRAs), nor a defined-benefit (DB) plan (a traditional pension). An additional 23% do have a DB plan, but no other retirement savings.
Households that do have retirement savings generally have other resources to draw on as well, such as nonretirement savings and DB plans. Social Security provides most of the income for about half of households including people 65 and older.
https://www.investopedia.com/ask/an...m_source=yahoo&utm_medium=referral&yptr=yahoo
According to a 2018 Fidelity Investments analysis, average retirement-account balances are $106,500 for 401(k)s, $111,000 for IRAs, and $85,500 for 403(b)s. That’s a far cry from what Fidelity recommends most Americans save: six times their salary by age 50, and seven times their salary by age 55.
401(k) plans or individual retirement accounts (IRAs), nor a defined-benefit (DB) plan (a traditional pension). An additional 23% do have a DB plan, but no other retirement savings.
Households that do have retirement savings generally have other resources to draw on as well, such as nonretirement savings and DB plans. Social Security provides most of the income for about half of households including people 65 and older.