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How's that 401(k) working out?

by Susan Tompor | Aug 21, 2015   ()

Let's face it, most of us — millennials, boomers, whatever — would prefer to spend our free time taking a weekend road trip, picking a fantasy football team, or possibly, dare I say, washing windows instead of dwelling on our 401(k) plans.

But unless you plan on working until your last breath, it's wise to take a look at what's going on with your retirement savings. Should you check another box and put more money into that 401(k)? Review how much money you have in company stock? Some quick thoughts:

1) Save more, save more and save more — especially if you're younger.

Nationwide, the average 401(k) balance was $91,100 as of June 30 in 401(k)s run by Fidelity Investments. Fidelity's pool of data is based on 13 million 401(k) accounts. In the Detroit area, that average bumped up to $102,241.

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Source: Detroit Free Press

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