Susan Tompor Detroit Free Press Published 6:00 AM EDT Aug 23, 2019 So do you have $300,000 or more in your 401(k)? Sure, it sounds like an enormous amount of money. Especially when you consider that about one out of four non-retired adults have no retirement savings or pension whatsoever, according to the latest Federal Reserve report on the Economic Well-Being of U.S. Households. Of the non-retired age 60 and older, 13% have no retirement savings or pension. But if you've been working a while — and saving over time — the odds go up that you could have good money in retirement savings. The average 401(k) plan balance hit $305,900 as of the second quarter among participants who have been in their 401(k) plan for 10 years in a row, according to the latest quarterly analysis of retirement savings trends released by Fidelity Investments. The average is based on a group of 1.6 million participants in Fidelity retirement accounts. What's interesting: … [Read more...] about What will it take to get to $300K in your 401(k)?
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Stan Choe, Ap Business Writer Updated 11:46 pm CDT, Wednesday, May 8, 2019 FILE- In this Nov. 15, 2017, file photo, new $1 bills with the signatures of U.S. Treasurer Jovita Carranza and Treasury Secretary Steven Mnuchin are cut and stacked at the Bureau of Engraving and Printing in Washington. Last year’s scary tumble for the stock market wasn’t enough to scare workers off of saving for retirement. Instead, many ended up saving more. During the first quarter of this year, the average worker set aside a record $2,370, according to Fidelity Investments. Including employer contributions, workers saved an average of 13.5% of their pay during the first three months of 2019. That’s the closest they’ve ever come to Fidelity’s recommendation of 15%. less FILE- In this Nov. 15, 2017, file photo, new $1 bills with the signatures of U.S. Treasurer Jovita Carranza and Treasury Secretary Steven Mnuchin are cut and stacked at the Bureau of Engraving and … [Read more...] about What market tumble? Workers up 401(k) savings to record