Americans in their 30s are around halfway to retirement age, but many don’t have much saved in their 401(k)s.
On average, Americans believe they'll need nearly $1.3 million to retire comfortably, according to Northwestern Mutual's 2023 Planning and Progress study.
The low amount could be due to several factors. A little over a third of Americans say rising living costs have gotten in the way of their ability to reach their retirement goals, while 27% say paying down their credit card debt has been a barrier, according to Fidelity'sHere's how much Americans have in their 401s by age as of the fourth quarter of 2023, according to Fidelity.
People in their 30s put about 11% of their salaries toward retirement savings, inclusive of any employer match, which falls slightly below the 15% savings rate However, if you don't have anything saved for retirement, you may need to make some short-term sacrifices, such as contributing a larger percentage of any raises you receive toward your 401 or setting aside a larger chunk of any future bonuses or tax refunds, Lester says.
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