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How Much Income Would the Average Retirement Plan Balance Produce?
Let’s take a look at the average combined 401(k) and IRA balance among savers with both accounts and see how much money it would end up providing. This may sound like a hefty sum, but if your account had around the average amount of money in it and you followed the 4% rule — which means you withdraw 4% of your account balance in the first year of retirement and adjust for inflation in subsequent years — your savings would produce about $15,312 in annual income. For most people, even when combined with Social Security, that would likely leave them with too little to live on. Now, this is an average balance across all retirement savers.