On average, workers with 401k plans are doing quite well. But are you saving and getting the investment returns you need?
This year has been rough, to say the least, and not everyone can afford to contribute to their 401(k) right now. But contribution rates have remained strong in 2020, according to data from Fidelity Investments. During the 12-month period ending in September of this year, the average 401(k) participant saved $7,270, Fidelity found.
That comes out to just over $600 per month. In addition, the average worker also earned $4,010 in employer contributions this year. Between employee and employer contributions, workers contributed a total of 13.5% of their salary, on average, to their 401(k) plans.
Here is a site where you can find some handy calculators to help you figure out your retirement.
RSW Calculator. https://www.rswwealth.com/about-us/resources/