For most young people, retirement is pretty much the last thing on their minds as they enter the workforce. Still, almost everyone knows that the sooner saving for retirement is begun, the better off they’ll eventually be. Last year was a tough year financially for most average Americans. Between March 2020 and January 2021, around 1.6 million people took money out of their 401(k) plans under the CARES Act. However, despite the volume of withdrawals, around a third of 401(k) savers managed to increase their savings. So how much money does the average American now have in his/her retirement account? Fidelity provided CNBC with the average amount of money Americans have saved in retirement accounts as of the fourth quarter of 2020, as well as contribution by % of salary, broken out by age cohort.
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Jeffrey Cerny