A 401(k) plan, if you have access to one, is an effective way to build your retirement savings: You get significant tax advantages, the money is automatically taken from your paycheck before you have the chance to spend it and, often, companies offer a match, which is essentially free money.
Consistent contributions can even make you a millionaire. In fact, the number of Fidelity 401(k) accounts with a balance of $1 million or more recently hit a record of 168,000, up 41 percent from last year.
To give you an idea of how your retirement savings stack up against your peers, retirement-plan provider Fidelity provided CNBC Make It with the average 401(k) balances in Fidelity accounts at every age, as of the second quarter of 2018:
For thirty-somethings with 401(k) plans, the average balance as of Q2 2018 stood at $42,700. Fidelity also found that this group contributes 7.6 percent of their paychecks and their employers match, on average, 4.4 percent, which puts their total savings rate at 12 percent.