The younger you are, the more time you have to make all the right moves when it comes to your 401(k) retirement savings accounts.
There’s good news and bad news when it comes to statistics about retirement and American’s use of 401(k) accounts, as reported in Kiplinger’s article, “The 7 Most Common 401(k) Mistakes to Avoid.” The good news starts with a report from the Investment Company Institute: the entire 401(k) system had $4.8 trillion in assets as of March 2016, representing 52 million active plan participants, former employees and retirees. There’s also good news from Vanguard also, which reports that the average 401(k) balance reached $101,650— which is a record high.