401K contributions vs. saving for a house
Saving for a house and retirement isn’t an either/or scenario but retirement should be your priority. Try saving 10 percent to 15 percent of your pay in a 401(k), and any extra money, from your paycheck, a bonus or a birthday check, can be put in a high-yield savings account for your home.
What is the average 401k balance for a 65 year old?
To help you maximize your retirement dollars, the 401k is an employer-sponsored plan that allows you to save for retirement in a tax-sheltered way.
The Average 401k Balance by Age.
| AGE | AVERAGE 401K BALANCE | MEDIAN 401K BALANCE |
|---|---|---|
| 35-44 | $86,582 | $32,664 |
| 45-54 | $161,079 | $56,722 |
| 55-64 | $232,379 | $84,714 |
| 65+ | $255,151 | $82,297 |