WASHINGTON, D.C. - A new study has revealed that a lot of people's 401(k) plans are not ok. Yeah, that nest egg is looking a little bare for most folks.
The Employee Benefit Research Institute says the median amount for a 401(k) account is about $18,000. Almost 40% of workers have less than $10,000 tucked away.
Folks between the ages of 55 and 64 years of age seem to be doing better. They've got around $76,000 stashed.
But another generation could be in big trouble, millennials. They've had a tough time saving because the cost of college has soared and because wages for middle-class workers have stayed flat.
Home ownership rates for people under 35 years old has also taken a nosedive. So this empty 401(k) trend might not get better any time soon.
But hey, no one said being a millennial was all selfies and status updates. Let`s hope this generation has some better news to post about when it's time to retire.