Do you have enough retirement savings for your age?

The steady path to a dream retirement

The steady path to a dream retirement

I’m in my mid-40s and have about $ 700,000 in retirement accounts. Is that amount in the upper range for someone my age and does that figure put me on track toward a secure retirement? –F.P.

I don’t think there’s any doubt that your seven hundred grand puts you far ahead of most people your age when it comes to retirement savings. The latest figures from the Employee Benefit Research Institute (EBRI) show that the average IRA balance for people 45 to 49 years old was a bit over $ 72,000, while 401(k) participants in their 40s who’ve been with their employer more than 20 years (and thus most likely to be long-time contributors to their plan) have an average balance of roughly $ 159,000.

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Personal finance news – CNNMoney.com

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