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Kiplinger

Business

Maurie Backman

I'm 57 With $4.1 Million and Plan to Retire Abroad in a Few Years. Can I Stop Contributing to My 401(k)?

A wealthy-looking businessman in his 50s poses next to a window with his arms crossed.

Question: I'm 57 with $4.1 million and looking to retire abroad in a few years. I no longer see the point in contributing to my 401(k). Am I wrong?

Answer: As of 2022, the typical 57-year-old had $185,000 in retirement savings, according to the Federal Reserve.

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