US Retirement Account Sizes by Gender (Patreon)

A 401(k) is a retirement savings plan provided by many U.S. employers, often serving as the primary savings tool since traditional pensions, common in other countries, are less prevalent in the U.S. Reason I am sharing is this is probably a good benchmark for others in different countries to plan.

If your 401(k) offers limited investment options, I suggest transferring your funds to a self-directed IRA. This allows you to invest in high-quality stocks of your choice, rather than settling for the often subpar mutual funds provided by your company’s plan. For example, while $157,000 might not seem like much, investing it in the right asset can lead to significant growth over a few years—take MSTR in 2022 as a case study of explosive potential.

On average, men save more for retirement than women across all age levels, with women lagging significantly in both average and median balances.

Men have an average balance of $157,489, while women have an average balance of $112,401.

MOST IMPORTANT

Women often need greater retirement savings than men due to longer life expectancy and higher demand for long-term care, which often leads to increased spending in retirement.