Fidelity Investments recently released their current 401k data which shows the average person in their 20’s has $17,700 in their 401k while the average person in their 50’s has $212,400. Every situation is different based on your expenses and lifestyles, however, a better general 401k savings target is this:
Age 30 = 1x your wages
Age 40 = 3x your wages
Age 50 = 6x your wages
Age 67 = 10x your wages
Remember, if you aren’t contributing at least 7% into the Nucor 401k, you will be missing out on some matching funds! If you feel like you are behind in your savings, make sure to bump up your contributions by at least 1% every year until you max out your contributions. It’s an easy way steadily increase your savings while minimizing the effect on your budget.
CalmWater Financial Network®, 3204 W Benjamin Ave, Suite 200, Norfolk, NE 68701 ~ (402) 371-5511
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth.