This Is the Average 401(k) Balance for Retirees Age 60 and Older
Key Points
Be sure you understand the difference between average and median numbers.
When it comes to 401(k) balances, both average and median numbers seem low.
It's best to aim for a much fatter nest egg.
- The $23,760 Social Security bonus most retirees completely overlook ›
We often want to know how we're doing. For example, you might wonder how your 401(k) account balance compares to others your age.
In the table below, you'll find average -- and median -- 401(k) balances for a bunch of age groups:
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|
Age range |
Average 401(k) balance |
Median 401(k) balance |
|---|---|---|
|
20s |
$97,440 |
$37,668 |
|
30s |
$193,895 |
$77,546 |
|
40s |
$392,026 |
$158,093 |
|
50s |
$607,055 |
$249,136 |
|
60s |
$568,040 |
$188,792 |
|
70s |
$420,975 |
$92,611 |
|
80s |
$413,614 |
$78,534 |
Data source: Empower Personal Dashboard as of June 30, 2025.
What these numbers mean
These average and median 401(k) balances tell us a lot. Recall what a median number is -- it's the middle number in a series of numbers arranged in order. So if your series is 78, 101, 135, 204, and 712, the average of those numbers is 246 -- but the median is 135. It's important to remember that averages can be skewed by unusually high or low numbers.
So the average 401(k) balances are technically correct, but they don't really reflect a typical saver. The median figures are more representative of the group.
Meanwhile, even those bigger average numbers are worrisome, because they may not be enough to retire with. The helpful (but flawed) 4% rule can help you understand why.
It suggests withdrawing 4% of your nest egg in your first year of retirement, adjusting for inflation in subsequent years. (There are other withdrawal strategies to consider, by the way.) So taking out 4% of a nest egg of, say, $568,040 from the table, you'd be withdrawing around $22,720 in your first year of retirement.
Couple that with the average annual Social Security benefit as of July, around $24,000, and your income would be around $46,720. That's clearly not enough for lots of people. If you're starting to worry, consider delaying retiring by a few years, and/or delay claiming Social Security. (For many people, the best strategy is to wait to claim until age 70.)
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