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When planning for retirement, many Americans rely on their 401(k) savings as a key component of their financial strategy. However, recent data suggests that the median 401(k) balance is much lower than many people might expect. According to a report from Vanguard titled "How America Saves 2023," the average 401(k) balance varies significantly by age group. According to Vanguard's data, here are the average and median balances: Age Average Account Balance Median Account Balance Under 25 $5,236 $1

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