According to the latest Vanguard “How People Save” report, the average 401(K) balance is $96,000, while the median account balance is $26,405 (median age of participant is 46).
This does not bode well for the future of America’s retirees.
“Experts” suggest saving at least 10% of income. If you can’t do that, you should save as much as you can and increase it 1% per year until you hit your goal.
My advice: START AS SOON AS YOU CAN! The one thing you can never get back is time.