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Money Guy Show
Average 401(k) Balance by Age (2024 Edition)
Apr 26, 2024
Discover the average 401(k) balance by age and the basics of 401(k) plans, employer matches, and vesting schedules. Learn how many millionaires are created by 401(k)s and get simplified strategies to reach your money goals faster. Explore the benefits of maximizing employer match, understanding fees in 401(k) plans, and maximizing wealth through consistent contributions. Dive into the importance of starting early in 401(k) savings and securing a financially stable future across different age groups.
37:27
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Quick takeaways
- Understanding employer contributions and vesting schedules is essential for maximizing 401(k) savings potential.
- Diversifying contribution types, such as Roth and after-tax contributions, can optimize retirement savings strategies.
Deep dives
Understanding the Power of 401k
401k plans are highlighted as crucial tools for wealth-building. The episode covers the basics, hidden provisions, and benefits of 401ks. It emphasizes the significance of employer matches and the ease of investment through target-date funds. With insights on after-tax contributions and major providers like Vanguard, Fidelity, and Charles Schwab, the episode aims to simplify retirement savings and promote financial literacy.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode