If your issue scrolling causes you to feel like all the maximum of your 401 (K), flying houses and buying gold bars “only for fun”, you are not alone. But the latest Fidelity retirement report offers the much-needed reality check: most people do not embark on early retirement, they just try to stay on the road.
Advertising: High profitability savings offers
The Fidelity Q4 2024 data offers a wide -angle view of more than 24.5 million participants in 26,700 plans for corporate retirement. Although it does not count the savings in brokerage, real estate or this dusty jar with money in your kitchen drawer, this is a solid photo of how Americans are preparing for retirement.
Don’t miss out:
Here’s how the average 401 (K) and the IRA balanceds are actually arranged through generations – and what can be said for your own retirement game.
-
Average 401 (K): $ 249 300
-
Average IRA: $ 257 002
-
Total: $ 506 302
The boomers are obviously the farthest-but even after decades in the workforce, most do not look at seven-digit balances. Their average savings rate is solid at 11.9%, plus 5% of employers. Still, with retirement, probably lasting 20-30 years, they are not exactly “leaving the money-all this-nanuz”.
-
Average 401 (K): 192 300 dollars
-
Average IRA: $ 103 952
-
Total: $ 296,252
Often labeled the “forgotten middle child” of generations of mix, Gen Xers face now or more. Many are juggling college training, aging parents and their own retirement dreams – and with just under $ 300,000 saved, the pressure is real.
Trend: Maximize saving for your retirement and reduce taxes: Plan your free call with a financial advisor to start your financial trip – no expenses, no obligationS
-
Average 401 (K): $ 67,300
-
Average IRA: $ 25.109
-
Total: $ 92,409
Although they are deep in their first -class years, Millennials are still catching up. Student debt, housing costs and late career have not helped. The good news? Their contribution rate climbs-18.3% are the All-in Roth 401 (K) s, and over 70% use target dates.
-
Average 401 (K): $ 13,500
-
Average IRA: $ 6,672
-
Total: $ 20,172
Just starting, Gen Z doesn’t break any records – but still. But you don’t sleep on them: 81.5% invest in target funds, and almost one in five already contributes to Roth 401 (K). Plus, their average savings rate-7.2%-indicates that they think long-term earlier than most generations.