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401(k)s for the Ages: Seeing Where You Stand
40s
You're entering the peak earning years. And your money still has 20 years to compound before it's time to decide whether the beach or the mountains is the ideal retirement location. Some 30 percent of 401(k) holders are in their 40s. Here is a profile of accounts held by 401(k) participants in their 40s:
401(k) Account Balance
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| Salary Range | Median Account Balance |
|---|---|
| $20,000 - $40,000 | $58,957 |
| $40,000 - $60,000 | $78,834 |
| $60,000- $80,000 | $132,531 |
| $80,000 - $100,000 | $196,592 |
| More than $100,000 | $290,349 |
401(k)'s and Job Tenure
| Job Tenure | Average Account Balance |
|---|---|
| 0-2 years | $14,725 |
| 2-5 years | $29,010 |
| 5-10 years | $49,995 |
| 10-20 years | $89,882 |
| 20-30 | $133,321 |
Average 401(k) Asset Allocation
| Type of Investment |
Share of Account Balance |
|---|---|
| Equity funds | 54.30% |
| Balanced funds | 12.60% |
| Bond funds | 7.60% |
| Money funds | 3.40% |
| GICs*/stable value funds |
7.40% |
| Company stock | 11.50% |
| Other | 2.40% |
| Unknown | 0.70% |
* Guaranteed investment contracts. Percentages may not total 100 because of rounding.
50s
You might be thinking about scaling back your career with phased retirement, or perhaps you're just revving it into high gear or considering starting your own business. Be sure to take your retirement plan with you. Fifty-somethings make up 24 percent of all 401(k) holders. Here is a profile of accounts held by 401(k) participants in their 50s:
401(k) Account Balance
| Salary Range | Median Account Balance |
|---|---|
| $20,000 - $40,000 | $76,788 |
| $40,000 - $60,000 | $99,932 |
| $60,000- $80,000 | $163,935 |
| $80,000 - $100,000 | $243,382 |
| More than $100,000 | $367,413 |
401(k)'s and Job Tenure
| Job Tenure | Average Account Balance |
|---|---|
| 0-2 years | $17,854 |
| 2-5 years | $32,532 |
| 5-10 years | $54,491 |
| 10-20 years | $99,794 |
| 20-30 years | $174,272 |
| More than 30 years | $167,806 |
Average 401(k) Asset Allocation
| Type of Investment |
Share of Account Balance |
|---|---|
| Equity funds | 46.70% |
| Balanced funds | 13.10% |
| Bond funds | 8.90% |
| Money funds | 4.40% |
| GICs*/stable value funds |
11.90% |
| Company stock | 11.80% |
| Other | 2.60% |
| Unknown | 0.60% |
*Guaranteed investment contracts. Percentages may not total 100 because of rounding.
60s
That magical Social Security retirement date is approaching this decade. It's time to decide if you want to cash out at 62 with a permanently reduced monthly Social Security payment, try to hold out longer for an increased benefit, or keep working until age 70 to get the maximum monthly amount. It helps if you have a 401(k), too. But 60-somethings make up only 8 percent of 401(k) holders. Here is a profile of accounts held by 401(k) participants in their 60s:
401(k) Account Balance
| Salary Range | Median Account Balance |
|---|---|
| $20,000 - $40,000 | $64,147 |
| $40,000 - $60,000 | $97,588 |
| $60,000- $80,000 | $160,051 |
| $80,000 - $100,000 | $237,303 |
| More than $100,000 | $350,576 |
401(k)'s and Job Tenure
| Job Tenure | Average Account Balance |
|---|---|
| 0-2 years | $20,076 |
| 2-5 years | $31,914 |
| 5-10 years | $51,268 |
| 10-20 years | $93,636 |
| 20-30 years | $157,069 |
| More than 30 years | $190,593 |
Average 401(k) Asset Allocation
| Type of Investment |
Share of Account Balance |
|---|---|
| Equity funds | 39.40% |
| Balanced funds | 12.20% |
| Bond funds | 10.80% |
| Money funds | 6.00% |
| GICs*/stable value funds |
18.80% |
| Company stock | 9.90% |
| Other | 2.40% |
| Unknown | 0.50% |
*Guaranteed investment contracts. Percentages may not total 100 because of rounding.
Sources: Employee Benefit Research Institute, Investment Company Institute
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