How Does Your 401(k) Stack Up Against the Typical 60-Year-Old Saver?
By the time you are in your 60s, you need to have a substantial sum in your retirement account.
Overview
When you have reached your 60s, you are likely very close to retirement and, in fact, many people retire during this decade of their lives. You also become eligible for Social Security as early as age 62, although waiting to claim benefits is often advisable.
Before you even consider retiring, though, you need to make sure you have enough money in your retirement plans to support yourself, as your Social Security benefits alone typically will not provide a sufficient amount of income. It can be hard to know where you stand, though, or whether you're actually on track to retire.
Details
That's why it's worth looking at what other savers have at a similar age. So, if you are 60, how does your 401(k) balance stack up to your peers?
Source
Originally published at www.fool.com.