Americans in their 30s have another 30 or so years before they reach retirement age, but they may not be saving enough to retire comfortably.
On average, Americans believe they’ll need nearly $1.3 million to retire comfortably, according to Northwestern Mutual’s 2023 Planning and Progress study.
However, the amount Americans in their 30s currently have saved is much lower. The median 401(k) balance for account holders in their 30s is around $20,400, according to the latest data from Fidelity Investments, the nation’s largest 401(k) provider. The data is from the fourth quarter of 2023.
The low amount could be due to several factors. A little over a third of Americans say rising living costs have gotten in the way of their ability to reach their retirement goals, while 27% say paying down their credit card debt has been a barrier, according to Fidelity’s 2024 State of Retirement Planning report.
Here’s how much Americans have in their 401(k)s by …