The Surprising Truth About 60-Year-Olds’ 401(k) Balances in Today’s Market | Global News Avenue

When you hit your 60s 401 (k) The balance is more than just the number you check. This will be your actual financial lifeline retire.

Many people stop working completely in their 60s, so the 60s and beyond may require money from 401(k) accounts. You might be surprised by the amount of money People in their 60s hide Retirement – More than $500,000.

The 1960s were also a good time to grow the balance of 401 (k). It’s not too late to improve your contribution or catch up on savings.

Surprisingly average 401 (k) balance for over 60s

According to Empower, the average 401 (k) balance for people in their 60s is $573,624 and the median balance is $210,724.

The balance factor of 401(k) plans varies Age group.

Not surprisingly, the balance in the 401(k) program is lowered for people in the 70s and 80s. The average 401 (k) balance for people in the 1970s was $431,962 and the median balance was $106,654. The average 401 (k) balance for people in the 1980s was $393,826 and the median balance was $86,301.

If you’re in your 60s and your 401(k) balance is lower than you want, consider doing one Chase Contribution.

according to IRSthe 401(k) contribution limit for 2025 is $23,500. Chasing donations for people aged 50 and older are $7,500. People aged 60, 61, 62 and 63 can receive $11,250 in chase donations.

Want to know how much you need to save for retirement when you reach your 60s? By the age of 60, your retirement savings goal should be 6 to 11 times your salary, according to T. Rowe Price. According to Fidelity, you should get eight times your retirement savings at 60. Both are great guides to saving.

Bottom line

By the age of 60, saving up to six to 11 times your salary seems like a daunting goal. But it’s worth shooting. Whatever you can give up on your retirement savings in your 60s can help you provide for your non-working year and it will be coming soon.

So, in the 401(k) plan, you can contribute to the maximum, make use of catch-up contributions, and with every dollar you invest, you will be closer to making your retirement dream a reality.