According to a study published by Vanguard, last year in 2015 the average 401(k) balance stood at $96,288. That may sound like a lot until you realize that, in this same study, Vanguard found that pre-retirees – those between the ages of 55-64 – have average balances of just $177,805. This amount would generate less than $8,000 a year in annual income for 30 years in retirement.

Make sure you are making the most of your company retirement plan. Even a incremental increases can have a profound impact over time.

Time is your friend when it comes to retirement: