Here's how much money Americans in their 50s have in their 401(k)s. (via CNBCMakeIt)
Danny Feld | NBC | NBCU Photo Bank | Getty Imagessix times your salary in savingsMost 50-something Americans aren't on track: As of the first quarter of 2019, those between 50 and 59 years old with a 401 had an average balance of $174,100 and were contributing 10.1% of their paychecks. On average, employers were matching 5.1%, putting the total savings rate for this group at 15.2%.
While this group has a high savings rate, by Fidelity's rule, their nest egg may not be big enough: If you earn $50,000 a year, you should have $300,000 in savings by age 50. If you earn $75,000 a year, you should have $450,000 in savings by 50. If properly invested this amount should grow year over year in part thanks toThere's no way to give a blanket answer to the question of how much you should be saving for retirement. It's highly personal and depends on many factors.
If you can't save 15% right away, "make sure that you're saving at least enough to get the full match that your employer offers," says Katie Taylor, vice president of thought leadership at Fidelity Investments. Then, "make a commitment to yourself that you're going to increase your contribution by 1-2% every year until you get there," she says, adding:
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