Are You Saving Enough for Retirement in Your 30s? Compare Your Rate

Core Insights - Many individuals in their 30s are actively saving for retirement despite economic fluctuations, highlighting the importance of this decade for financial planning [2][8] Retirement Savings Trends - The average 401(k) balance for individuals in their 30s in 2025 is projected to range from approximately $74,000 to $103,000, with median balances between $22,000 and $40,000, indicating that most savers are still in the early stages of building their retirement funds [3][4] - On average, individuals in their 30s contribute about 11% to 13% of their income to retirement accounts, which is below the recommended target of 15% [4][8] Importance of the 30s for Financial Growth - The 30s are a critical period for financial growth, as income typically increases, and early savings can significantly benefit from compounding returns by retirement age [5][6] - Financial experts suggest that saving a portion of any raises received can lead to a higher savings rate, potentially reaching 20% to 30% by the time individuals reach their 40s [7] Comparative Analysis - Recent data indicates that millennials (ages 28 to 43) have an average 401(k) balance of $74,800, reflecting an increase from earlier in the year, while median balances for younger workers (ages 25 to 34) are reported at $16,255 and for those aged 35 to 44 at $39,958 [8] - The Transamerica Center for Retirement Studies found that middle-class households (earning between $50,000 and $199,000) have a median of $65,000 saved in retirement accounts [8]