401k Balance by Age: What to Expect & How to Grow It

401k plans are one of the most common investment vehicles that Americans use to save for retirement. The 401k is an employer-sponsored plan that allows you to save for retirement in a tax-sheltered way ($19,500 per year in 2021) to help maximize your retirement dollars.

If your employer offers a 401k and you are not utilizing it, you may be leaving money on the table – especially if your employer matches your contributions.

While the 401k is one of the best available retirement saving options for many people, only 32% of Americans are investing in one, according to the U.S. Census Bureau. That is staggering given the number of employees who have access to one: 59% of employed Americans.

Do you have enough in your 401k to retire when you want? You can find out using Personal Capital’s free and secure Dashboard, which includes a Retirement Planner for testing different scenarios.