By the time you hit 40, you could be about halfway to retirement. Are your savings where you want them to be?
Americans aged 40-49 with a 401(k) had an average balance of $103,500 as of the second quarter of 2018, according to data from Fidelity, the nation's largest retirement-plan provider. On average, individuals were contributing 8.4 percent of their paychecks while employers were matching 4.6 percent, putting the total savings rate for 40-somethings with 401(k)s at 13 percent.
While they're off to a good start, MagnifyMoney reports that the median Gen X household has only $15,780 in total savings.
In short, many Americans need to further prioritize saving, if they can: Experts say you should have at least three to six months' worth of living expenses in an emergency fund and also be on your way to saving $1 million for retirement.
Here's exactly how much should you have saved by the time you enter your 40s.