Ranking your 401K account relative to your peers

Every now and then, US retirement savers should sit down and compare their 401k totals with peers in the same age group.

This work is facilitated by the California Society of Certified Public Accountants (CalCPA), which, with the help of a separate study by Vanguard on retirement savings, recently published a comparative analysis of how much Americans save in their 401,000 funds compared with their demographic peers.

Here’s what the data showed:

“The average employee contribution rate for 2021 was 7.3% and 11.2% with employer matches,” CalCPA said. “The overall average amount in a 401(k) account is $141,542, but that number includes balances for workers of all experience and tenure levels. When broken down by age, average account amounts vary significantly.”

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