401K or $401K
Daryl Perry II, Bow Tie Guy
Give employees more than a paycheck! For Entrepreneurs & Businesses | #TheNotoriousBTG | Employee Benefits | DM Me For Financial Help | ΚΑΨ
Last week on Financial Freedom Fridays, we had a short talk about 401ks and something occured to me.
People would rather say they have a 401K than have $401K put away.
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Think about it.
The average 401K balance is $112K.......
According to a 2023 study, 41% of 401(k) account holders withdraw at least some funds from their accounts when changing jobs instead of completing a rollover into an IRA or new 401(k) plan. The same survey showed most of those cashing out withdraw the entirety of their 401(k) balance.
Here's another narly piece of 401K info:
According to Capitalize, a financial company, around 29 million 401(k) accounts are lost or left behind when workers change jobs, which is about $1.65 trillion in assets.
I ask people about 401Ks from job switches a lot and most TOTALLY forget about that!
If you want to see if you have any unclaimed money out there, visit this government site to help:
Consider this report showing median 401K balances:
According to Empower Personal Dashboard, the median 401(k) balance by age is:
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Employee Benefits Consultant/Commercial Insurance Broker/ Educator/Advocate/Host of "You Should Get A License Youtube Channel & Podcast" @TheRodPowell
11 个月You on a roll today sir!??????
CEO INFRARED VISION LLC: 2025, Contracted by Ingennicom & RP Returns; 3 R's Mindset Catalyst to Redefine●Rebuild●Restore? 40 ?? + Community. IV 3 R's Mindset Mentor; IV 3 R's Mindset Workshops & Mindset Keynote Speaker
11 个月This chart of average "Retirement Savings" by age is the reason I started having "IV Audio Meetings" to bring awareness to it. The last three meetings in 2023, and 2024, I know I've invited over "150 people" and only average 6 people showed up between three meetings w/ Roger A. Silvera, LUTCF? FSCP ? CLTC ? I hate to say it Dary, but I'm thinking that some people are just not prioritizing this type of thing for themselves and it's sad! I know I need to step it up! ?? The "POVERTY MINDSET" is real and that is WHY I focused on it all last month. I need to continue that work to shake people out of sleep and realize that they have one and a MINDSET SHIFT and CHANGE is needed!
Financial Professional | Sales & Marketing Consultant | Business & Leadership Development
11 个月Great point Daryl Perry II, Bow Tie Guy. I've found that many are unaware their employer-sponsored 401K offers Roth contributions. Thanks for the #insighful post.