Vanguard's 401(k) Survey - 2021 data
-
https://www.barrons.com/articles/retirement-401-plan-balance-51654783216
Anyway, it's a story based on Vanguard's survey of the 401(k) plans managed by Vanguard.
"Average" account balance is $142k.
"'Median" account balance is $35k.
When looking at those aged 55 to 64, the "median" account balance improves to $90k.Not sure if Vanguard bothered to consolidate multiple accounts titled to the same person. Lots of folks don't bother rolling over their 401(k) accounts after they change jobs.
Shockingly, they find that 401(k) account balances largely correlate to income levels. Isn't that wild?!?!?!
Vanguard's massive report:
https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/22_TL_HAS_FullReport_2022.pdf -
As of 6/21, the average LASERS benefit was 27,516/year. The pension is a 401(a). It is not subject to state income tax. Many members also have a 457(b), which is superior to a 401(k). Many also have other monies from IRA's, 401(k)'s, other 401(a)'s, 403(b)'s and other retirement vehicles, along with just regular investing in savings, stocks and bonds, etc. Some have Social Security, but that is often subject to WEP or in their spouse's case, GPO. A few, especially teachers in TRSLA, have annuities.
Also, some huge factors in retirement are debt load, monies from rental property or real estate sales and the lifestyle of the retiree.
Simple 401(k) balances may not be the best yardstick for how well someone does in retirement.
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login