The overall average 401(k) balance hit $129,300 as of June 30, up 24% from the same time last year, according to Fidelity.
, if your employer offers it, which will automatically boost your savings rate by 1% or 2% each year.
And always contribute enough to get the full employer match, she said, "that way you won't leave money on the table." Overall, aim to save 15% of your income in a retirement account, including the employer contribution, Macdonald also advised.. plans and $6,000 for IRAs in 2021 — those who qualify can put an extra $6,500 in their 401 or $1,000 in their IRA.)
Finally, avoiding borrowing from these accounts at all costs. "Try to stash a little bit of money away in a rainy-day fund so you can dip into that instead," Macdonald said.
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