I'm in My Early 40s With a Little Over $500,000 in My 401(k)—Just Trying to See Where I Actually Stand Compared to Others

Core Insights - A Reddit user in their early 40s with over $500,000 in a 401(k) is above the average and median balances for their age group, which are $419,948 and $164,580 respectively [3][4][7] - Federal Reserve data indicates that only 31% of non-retired adults feel their retirement savings are "on track," highlighting a general sense of uncertainty regarding retirement preparedness [3] - The average 401(k) balance across all age groups is approximately $335,000, peaking in the 50s before declining as retirees begin withdrawals [5] Age Comparison - For individuals in their 40s, having a 401(k) balance over $500,000 places them significantly above both the average and median for their age group [4][7] - There are notable disparities within age cohorts, with many individuals in their 40s having balances well below the average, while a smaller group has accumulated significantly more [6] Financial Planning Tools - To assess retirement scenarios based on age, contributions, and spending, individuals can utilize platforms like SmartAsset to connect with fiduciary financial advisors [7] - Some investors are diversifying their retirement savings into precious metals, with options like Gold IRAs available through providers such as American Hartford Gold, requiring a minimum investment of $10,000 [7] - Platforms like SoFi allow users to view their retirement accounts and cash flow together, providing a clearer picture of their overall financial situation without a minimum balance requirement [7]