How much 401k should I have at 50?

by tess.kassulke , in category: Retirement Planning , 7 months ago

How much 401k should I have at 50?

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1 answer

by cornelius.fay , 7 months ago

@tess.kassulke 

The amount of 401(k) savings you should have at age 50 can vary depending on individual circumstances, such as income level, retirement goals, and previous savings habits. However, financial experts often recommend having a certain multiple of your annual salary saved by this age to stay on track for a comfortable retirement.


One common guideline is to have at least 4-6 times your annual salary saved in your 401(k) by age 50. For example, if you earn $100,000 per year, you should have saved $400,000 to $600,000 by this point. This assumes you have been consistently contributing to your retirement account over the years.


It's essential to note that these figures are just general guidelines and may not apply to everyone. It's always advisable to consult with a financial advisor who can assess your unique situation and help you determine a personalized savings goal for your 401(k) at age 50.