Average 401(k) balance for 65 and older is $272,588. median $88,488.

[wander2039]

I’m 44 and her 47 and we have maybe $100k more that median, but we’re younger also. Didn’t start till our 30’s though. We’re pretty close to maxing out 401k and roths for both of us. Once we get to 500k we’re cutting back. Everything is paid off except the BMW. We’d like another house but even the BMW payments make us itch.

 

[JeffKeryk]

Moral of the story, especially in this day and age. Teach your children to get a quality financial fiduciary adviser early in life and set up a plan . Never believe the company you work for even if it’s a good one !

I would add that 1-12 education needs to include personal finance. Once you get to a certain point, you need a good team of advisors because there are a plethora of investment vehicles that you are probably not aware of.

Bottom line is, you are responsible. Learn as much as you can.

 

[eljefino]

I’m 44 and her 47 and we have maybe $100k more that median, but we’re younger also. Didn’t start till our 30’s though. We’re pretty close to maxing out 401k and roths for both of us. Once we get to 500k we’re cutting back. Everything is paid off except the BMW. We’d like another house but even the BMW payments make us itch.

Try cutting back on the Avocado toast.