Finance | June 22, 2019 9:26 am

If You Don’t Have This Much Money in Your 401(k) by Age 40, You’re in Trouble

People in their prime earning years aren't saving enough, according to CNBC

401k

Just 36% of non-retired adults in the U.S. think their retirement savings is on track.

Given that your 40s are your peak earning years, CNBC Make It and retirement-plan provider Fidelity checked in to see how Gen-Xers were doing with their 401(k) planning.

The good news is that Americans between the ages of 40 and 49 had an average 401(k) balance of $102,700 and contributing 8.5% of their paychecks, according to the report. Fidelity actually suggests saving 15% of your salary toward retirement (counting both your contribution and company matching) so you can have 10 times your final salary in savings.

NerdWallet offers a retirement calculator here, if you’re worried.

The really bad news? A quarter of U.S. adults have no retirement savings at all, according to CNBC. Some advice from article author Kathleen Elkins is to enroll in a company 401(k) immediately if you can and haven’t done so yet. And whatever your case, start setting aside money now, be it a 401(k), IRA, health savings account or normal investment account.

(Photo: Marco Verch/Flickr Creative Commons)

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