401 k Balance

[weblover78]

My neighbour is 47 and have about $200,000.00 in my 401k at work. He was wondering if he is falling behind and need to start catchingup? What is a good average balance for say 55 and 65 years of age?

[elitesystem]

Here is why the financial institutions love the 401k...

1. They want your money.
2. They want your money on an on-going basis.
3. They want to hold it as long as possible, typically until retirement or later.
4. They want to give back as little as possible.

There are good 401k plans out there, but they are very, very rare. I would disagree that they are a "necessity", in and of themselves. But a 401k should be looked at as just a piece of a sound retirement planning strategy.

[luvbunnies42]

I guess we are in the very very rare group then.I think our 401k is really good.We use fidelity and the employer matched a good part of it.We have a pretty nice amount of money in there since my hubby started it 3 years ago.Its more then we could've saved without it. By the time we are older yet we should have a nice little chunk accumilated.

[DianaR]

Originally Posted by weblover78

My neighbour is 47 and have about $200,000.00 in my 401k at work. He was wondering if he is falling behind and need to start catchingup? What is a good average balance for say 55 and 65 years of age?

I don't know what a good average balance is at any age. The likelihood that anyone's retirement plan will allow them to stop working altogether is slim to none in this day and age!

[navtej]

ya, just aslong as it is enogh for that person, its fine

[titaniumhijau]

Its depend on some person. If i already have enough money. I will retired from work and ask my son to take over. After that, i will go around the world for travel.

[sr106]

yes, u r right, it depends upon person to person......

[pranith]

hey sorry i did not get your post.