Gen Z workers are putting away 20% of their annual salary into their 401(k) or a similar plan, per Forbes.
Here are the age groups and the average amount they have in their retirement savings.
- Gen Z - people born from 1997 to 2012 - have a median of $33,000 in retirement savings.
- Gen Y (millennials) - people born from 1981 to 1996 - have a median of $50,000 in retirement savings.
- Gen X - people born from 1965 to 1980 - have a median of $87,000 in retirement savings.
- Baby Boomers - people born from 1946 to 1964 have a median of $162,000 in retirement savings.
In November, Per CNBC: The average 401k balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments, the nation's largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total.
The average individual retirement account balance also plunged 25% year-over-year to $101,900 in the third quarter of 2022.
Still, the majority of retirement savers continue to contribute, Fidelity found. The average 401(k) contribution rate, including employer and employee contributions, held steady at 13.9%, just shy of Fidelity's suggested savings rate of 15%.
"The market has taken some dramatic turns this year," Kevin Barry, president of workplace investing at Fidelity, said in a statement. "Retirement savers have wisely chosen to avoid the drama."
Read more: https://unusualwhales.com/news/average-401-k-balances-plunged-23-year-over-year
