How much Americans contribute to their 401(k) plans—and how much you should be saving (via CNBCMakeIt)
, such as, "you should save 15% of your income for retirement. But at the end of the day, it really comes down to everybody's own personal situation."Are Americans on track? CNBC Make It turned toRetirement preparedness varies by age. Younger workers, those in their 20s, contribute less than those in their 40s, for example.
Here's the breakdown of the average contribution rates by age. These rates do not include any matching contributions from employers, Fidelity notes.Keep in mind that Fidelity's data only takes into account those Americans with a retirement account so it doesn't present the full picture. Almost a quarter of U.S. adultsHow to get your retirement savings on trackthat will help you get to, or nearer to, where you need to be.
First things first, enroll in your employer-sponsored 401 plan if you haven't already, says Katie Taylor, vice president of thought leadership at Fidelity Investments.. If they do, take full advantage of it, she tells CNBC Make It: "If there is a match that's 3%, make sure that you're saving at least 3%. Otherwise, you're leaving free money on the table."
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