As you enter the final years of your career, understanding how your 401(k) balance stacks up against others can provide valuable insight. Data from Vanguard's analysis of retirement savings trends shows that retirement balances fall short of recommended targets, with U.S. workers having an average of only $112,572 saved in a 401(k) in 2022.

However, the numbers tend to improve as people get closer to retirement.

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Source Fool.com