Americans Aged 55-59 Average $260,800 in Their 401(k)s. Fidelity Says They Need 10 Times Their Income to Retire at 67. How Realistic Is That for You?

According to Fidelity, the average 401(k) balance for Americans aged 55 to 59 is $260,800. The investment company also estimates that to retire at full retirement age, savers should have 10 times their salary saved by 67. For a $100,000 earner, that target calculates to $1 million.

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The number Fidelity wants you to hit

Fidelity’s benchmark runs off your paycheck, not the market. It calls for saving one times your salary by 30, three…

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