{"id":112872,"date":"2021-04-26T13:39:08","date_gmt":"2021-04-26T13:39:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=112872"},"modified":"2021-04-26T13:39:08","modified_gmt":"2021-04-26T13:39:08","slug":"heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/","title":{"rendered":"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts"},"content":{"rendered":"<p>The earlier you start to save for retirement, the more time your money will have to accumulate compound interest, which can significantly boost your savings.<\/p>\n<p>Early in your career, start by saving what you can, with the ultimate goal of putting away 15% of your salary. That 15% will put you on track to have the equivalent of your salary saved by 30, which is the milestone retirement-plan provider Fidelity recommends aiming for in order to retire comfortably.<\/p>\n<p>And if your employer offers a 401(k) match, try to contribute enough to qualify for the full amount, which is essentially free money. <\/p>\n<p>That means if you earn $50,000 a year, you should aim to have $50,000 in retirement savings by the time you are 30. If your annual salary is $100,000 a year, you should aim to have $100,000 saved.<\/p>\n<p>But how much do people in their 20s actually have in their 401(k)s? The average 401(k) balance for Americans between the ages of 20 and 29 was $15,000 as of the fourth quarter of 2020, according to data from Fidelity&#x27;s retirement platform.<\/p>\n<p>The average employee contribution rate for people in this age group was 7.4%.<\/p>\n<h2>How much should you have saved for retirement?<\/h2>\n<p>How much money you should put away for retirement varies depending on the kind of lifestyle you plan on having for you and your family.<\/p>\n<p>However, experts at Fidelity recommend that you save 15% of your salary over the course of your career in order to be prepared for retirement by the age of 67.<\/p>\n<p>This is how much experts at Fidelity recommend you have saved for retirement at every age:<\/p>\n<ul>\n<li>By 30, you should have the\u00a0<strong>equivalent of your salary\u00a0<\/strong>saved<\/li>\n<li>By 40, you should have\u00a0<strong>three times your salary<\/strong>\u00a0saved<\/li>\n<li>By 50, you should have\u00a0<strong>six times your salary<\/strong>\u00a0saved<\/li>\n<li>By 60, you should have\u00a0<strong>eight times your salary<\/strong>\u00a0saved<\/li>\n<li>By 67, you should have\u00a0<strong>10 times your salary<\/strong>\u00a0saved<\/li>\n<\/ul>\n<p><em><strong>Check out:\u00a0<\/strong><\/em><em><strong>Meet the middle-aged millennial: Homeowner, debt-burdened and turning 40<\/strong><\/em><\/p>\n<p><em><strong>Don&#x27;t miss: <\/strong><\/em><em><strong>Best tax software of 2021: File fast and accurately, plus get your maximum refund<\/strong><\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/26\/how-much-money-americans-in-their-20s-have-in-their-401k-accounts.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The earlier you start to save for retirement, the more time your money will have to accumulate compound interest, which can significantly boost your savings. [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts - Fin2me\" \/>\n<meta property=\"og:description\" content=\"The earlier you start to save for retirement, the more time your money will have to accumulate compound interest, which can significantly boost your savings. [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-26T13:39:08+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/Heres-how-much-money-Americans-in-their-20s-have-in-their-401k-accounts.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/\",\"url\":\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/\",\"name\":\"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts - Fin2me\",\"isPartOf\":{\"@id\":\"https:\/\/fin2me.com\/#website\"},\"datePublished\":\"2021-04-26T13:39:08+00:00\",\"dateModified\":\"2021-04-26T13:39:08+00:00\",\"author\":{\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fin2me.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/fin2me.com\/category\/business\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fin2me.com\/#website\",\"url\":\"https:\/\/fin2me.com\/\",\"name\":\"Fin2me\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fin2me.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"Mark\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"caption\":\"Mark\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts - Fin2me","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/","og_locale":"en_US","og_type":"article","og_title":"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts - Fin2me","og_description":"The earlier you start to save for retirement, the more time your money will have to accumulate compound interest, which can significantly boost your savings. [...]","og_url":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/","og_site_name":"Fin2me","article_published_time":"2021-04-26T13:39:08+00:00","author":"Mark","twitter_card":"summary_large_image","twitter_image":"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/Heres-how-much-money-Americans-in-their-20s-have-in-their-401k-accounts.jpg","twitter_misc":{"Written by":"Mark","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/","url":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/","name":"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts - Fin2me","isPartOf":{"@id":"https:\/\/fin2me.com\/#website"},"datePublished":"2021-04-26T13:39:08+00:00","dateModified":"2021-04-26T13:39:08+00:00","author":{"@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fin2me.com\/business\/heres-how-much-money-americans-in-their-20s-have-in-their-401k-accounts\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fin2me.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/fin2me.com\/category\/business\/"},{"@type":"ListItem","position":3,"name":"Here&#x27;s how much money Americans in their 20s have in their 401(k) accounts"}]},{"@type":"WebSite","@id":"https:\/\/fin2me.com\/#website","url":"https:\/\/fin2me.com\/","name":"Fin2me","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fin2me.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"Mark","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fin2me.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","caption":"Mark"}}]}},"_links":{"self":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/112872"}],"collection":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/comments?post=112872"}],"version-history":[{"count":0,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/112872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media\/112871"}],"wp:attachment":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media?parent=112872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/categories?post=112872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/tags?post=112872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}