2019 Report: The Average Money In A 30-Something’s 401K Is…

A 401(k) savings plan is a great way to prepare for your twilight years. As a tax-deferred plan, you can invest in your future by placing a portion of each paycheck into a tax-deferred retirement plan. Compounding interest means that by the time you retire, you may have a nice nest egg to live off in your senior years.

Unfortunately, a recent report from CNBC has found that the average person in their thirties hasn’t saved a lot of money in these types of plans.

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Spencer Platt/Getty Images
Spencer Platt/Getty Images

With help from Fidelity, a leading retirement-planner, CNBC found that 30-somethings have only saved $42,400 in their 401(k) plans by the end of Q1 2019.

The study reveals that people in this age-range have typically saved about 7.8% from each of their paychecks to accomplish only a modest amount of money they will need during retirement.

Those plans are helped along by a 4.6% employer match for a total savings of 12.4%.

No Savings?

The same study from Fidelity also found that nearly a quarter of U.S. adults have no money in retirement savings.

This isn’t a statistic that is lost on many Americans, of all respondents, 36% said they believe they’re not on track for the type of cash they will need when it finally comes time to retire.

While saving 12.4% of your paycheck sounds like a lot, experts typically agree that saving 15 to 25% should be the goal. If you plan on an early retirement you’ll want to save closer to 20% or more if you’re capable of doing so.

While 401(k) plans are important, the study doesn’t dive into others savings, for example, cash held in individual stocks, index funds, and other accounts.


Overall, Americans are struggling to pay their bills and that’s led to a shockingly low amount of actual savings for millennials and generation X respondents. Perhaps this is why so many savings apps for smartphones are starting to see success in today’s society.