401(k) Contribution Growth Analysis
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retirement savingsThe Motley Fool
•Business
Business & Economics
How much money people put into their 401(k) accounts last year? Here's a closer look
75% Informative
Fidelity reports that participants in its 401(k) plans diverted an average of $ 8,800 of their 2024 salaries into these retirement accounts.
The more you put in now, the more you'll have later, according to Fidelity .
Employers chipped in $ 4,770 of their own money into each of these employees' 401(K) accounts, bringing the full-year funding figure up to $13,570 .
The most that anyone can contribute to an ordinary or Roth IRA this year is $ 7,000 for anyone under the age of 50 .
Your lack of choice with most 401(k) plans is arguably more of a benefit than a drawback.
Your best and highest-odds bet is investing in mutual funds that can be bought and held for years on end with little to no monitoring.
Even if you don't love how little you can do with these contributions, there are almost certainly enough fund choices.
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