I was reading Money magazine today and one of the articles featured was a key benchmark on accumulated retirement savings ranked by age and income. Based on my age and income, looks like I am a little bit above average. This is definitely good news considering I am wayyyy above average on the debt side of my balance sheet.
For the under 35 age bracket:
- Top Earners average income is $246,236, average 401k balance is $131,791
- Upper Income average income is $103,658, average 401k balance is $40,855
- Upper Middle average income is $67,750, average 401k balance is $22,627
My income falls in the upper middle category. My 2006 earnings were about $66k. My 401k balance at last check was a little over $40k. I may be making an upper middle class income but I am saving like an upper income earner....This is great news and makes me very happy!
Now if I can just get below average on my debt...............