Having $68,000 in retirement savings by age 40 is better than average since the Federal Reserve reports that typical savings for that age is $45,000. While not a large amount, it's still feasible to catch up and prepare for retirement, especially with 20 years until the desired retirement age of 60. Contributing regularly and taking advantage of compound interest can help significantly increase these savings over time, turning what seems insufficient into a more secure retirement future.
"If the poster here were 55 years old with the goal of retiring at 60 or 62, I'd be pretty concerned about their $68,000 balance. But because the poster is only 40, I think their plan may still be more than realistic."
"The Federal Reserve says the typical 40-year-old has $45,000 in retirement savings. So if you're 40 with $68,000 in your 401(k), you're technically ahead of the game compared to your peers."
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