Americans in their 30s have another 30 or so years before they reach retirement age , but they may not be saving enough to retire comfortably.
On average, Americans believe they'll need nearly $1.3 million to retire comfortably, according to Northwestern Mutual's 2023 Planning and Progress study.
However, the amount Americans in their 30s currently have saved is much lower. The median 401(k) balance for account holders in their 30s is around $20,400, according to the latest data from Fidelity Investments, the nation's largest 401(k) provider. The data is from the fourth quarter of 2023.
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