Recently Fidelity released statistics on the average 401K balance by age. The numbers may provide some insight into how prepared future generations will be for retirement. It is important to note that the IRS has contribution limits to 401K accounts of $19,000 per year. For those 50 or older contribution limits are increased to $25,000.00 per year.
|Age Group||Average 401K Account Balance|
|70 and older||$186,800|
Some of our clients have struggled to build up their retirement by taking 401K loans to help make ends meet. If you are struggling to keep up with minimum payments and contribute to your future call your local Fairfield bankruptcy attorney.
Categorized in: retirement