Retirement plan account balances generally rise with participant age and length of time on the job. Examining the interaction of both age and tenure with retirement plan account balances reveals that, for a given age group, average retirement plan account balances tend to increase with tenure.
Start saving early in your career and stay with your employer to increase your retirement savings. If you have questions about how much to contribute to your retirement plan, please contact Preston Englund at (402) 461-4893 or firstname.lastname@example.org.
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*At year-end 2014, the average account balance among all 24.9 million 401(k) plan participants was $76,293; the median account balance was $18,127. The tenure variable is generally years working at current employer, and thus may overstate years of participation in the retirement plan.
Source: Tabulations from EBRI/ICI Participant-Directed Plan Data Collection Project, see Figure 13 in “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014,” ICI Research Perspective (April 2016).