Summerlin Benefits Consulting Q&AAnswer
Oct 24, 2024 - 04:05 PM
The average 401(k) balance for a 65-year-old is around $272,588, with a median balance of about $88,488, according to Nerdwallet's research. However, these numbers can vary widely depending on factors like career earnings, investment strategies, and how early a person started saving. The median balance tends to be lower because many individuals have less savings than the average due to inconsistent contributions or late starts in retirement planning.
