I’m that turd in the punch bowl, being frank and honest which makes some people very uncomfortable. Over the last 10 years, the 401(k) industry deserves much praise for doing a better job in terms of fees, transparency, education, and coverage. Yet, we have so much more to improve.

The “average” balance in a 401(k) retirement plan handled by Vanguard is $129,157. The median account balance is just $33,472. Half of their plan participants had a balance below $40,000 and about 30% had a balance below $10,000.

While the industry isn’t the reason that people save very little for retirement, but it does mean we have more work to do.