How Much You Should Save In Your 401K (By Age)

Building Your Money Machine

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Are you ready to take control of your retirement savings and ensure you're on the right path to financial freedom?

In today’s episode, I dive into the crucial topic of how much you should save in your 401K by age, drawing insights from a comprehensive 23-year Vanguard study involving 5 million participants. Whether you're just starting your career or planning your retirement, you'll find valuable information on setting realistic financial goals, maximizing those employer matches, and the astonishing impact of early contributions.

You'll learn why saving and investing rates trump high incomes, and how tiny steps now can lead to sizable wealth in the future. It's not just about hitting those numbers; it's about aligning your financial strategy with your life goals and building a life of choice and freedom.

Looking to master your financial journey and make informed decisions about your retirement savings? Tune in to the full episode now!

IN TODAY’S EPISODE, I DISCUSS:

The importance of small, consistent contributions to your 401K
Average and median 401K balances by age group
The impact of early contributions and maximizing employer matches

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Chapters

1. Study habits, investing, savings, guide to finances. (00:00:00)

2. Importance of saving and investing for the future. (00:06:19)

3. Control the present, invest for the future. (00:07:25)

4. Focus on average, challenge with big numbers. (00:11:01)

5. Thirties can be financially challenging, focus on savings. (00:16:21)

6. Consider long-term decision before buying a home. (00:19:45)

7. Maximize retirement contributions and be intentional with finances. (00:23:10)

8. Review retirement savings, align portfolio, consider expenses. (00:23:58)

9. Prepare for debt-free retirement and healthcare. (00:28:10)

10. Importance of managing retirement funds and joy. (00:32:42)

11. Igniting financial freedom; master money for good. (00:36:19)

357 episodes