Only 1 in 10 Americans Hit $1M in 401(k)s Before Age 46

Achieving $1 million in a 401(k) by age 31 is an unrealistic goal for the average worker, who typically reaches peak earnings between ages 45 and 54. Many Americans face significant financial challenges that hinder their retirement goals, including rising costs of living and high home expenses. Even well-paid individuals often experience interruptions in their retirement contributions due to unexpected events. It's essential to understand that achieving large savings milestones may take longer than anticipated, but this does not diminish their significance.

Reaching $1 million in your 401(k) by age 31 is unrealistic for most, as peak earning years typically occur between ages 45 and 54.

High earners also face disruptions in planned retirement contributions due to life's unexpected events and rising costs of living.

Although some may not achieve their savings goals by a certain age, significant savings milestones like reaching $1 million by age 46 are still impressive.

Mortgage payments and other life expenses can derail retirement savings, showing that the journey is complex and requires patience.

Read at 24/7 Wall St.