40% of people have less than $20,000 in their 401(k) plan, according to a 2021 survey that Vanguard recently released. Here are the averages by income groups.
the median American 401 balance is $35,000 and about 40% of people have less than $20,000.The average person in the survey was in their mid-40s so they still have time to save, but what kind of returns should be expected from the next 10 or 20 years?
Though returns in the past decade have been above historic averages, these things have a way of evening out over time.The median worker between the ages of 55 and 64 had a 401 balance of around $90,000. For context, that would put a 65-year-old couple at a lifetime annuity of just $5,000 a year with no inflation protection.For example, workers earning less than $50,000 a year are deferring on average 6% of their income into their 401 while for those earning $100,000 to $150,000 the rate is over 9%.
Critics of the way America’s retirement tax system is structured say it doesn’t do enough for low earners. As it stands now, they’re not totally wrong.
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