Here's the Average 35-Year-Old's 401(k) Balance (It May Surprise You)

Key Points

• Data shows that 35-year-olds have a decent average 401(k) balance.

• The median balance among that age group is a lot lower, suggesting that a good number of 35-year-olds have to do some catching up.

• There are steps you can take to boost your 401(k) contributions pretty seamlessly.

• The $23,760 Social Security bonus most retirees completely overlook ›

If you're in your mid-30s, you probably have a number of competing financial priorities. Those may include paying off your student debt, building a solid emergency fund, and saving for a down payment to buy a home.

Saving for retirement may not exactly top your list of financial must-dos. After all, you still have a good number of years in the workforce ahead of you. And you may not have reached your peak earning years yet, making the case for putting off retirement savings until you're bringing home a more generous wage.

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But by your mid-30s, you should absolutely be focused on building a retirement nest egg. And data from Vanguard shows that people in their mid-30s do, on average, have quite a bit of 401(k) savings.

What the average 401(k) balance for 35-year-olds looks like today

Vanguard's most recent set of 401(k) plan data shows that as of 2024, the average balance for 35-year-olds was $103,552, while the median balance was $39,958. And it's important to note that distinction.

When you have a median that's considerably lower than an average, it tends to indicate that a small subset of people are bringing the average up. What Vanguard's data tells us is that $39,958 may be more representative of what the typical 35-year-old today has saved for retirement.

However, that average $103,552 balance tells us that a good number of 35-year-olds have a nice amount of retirement savings despite being fairly young. And that's something it pays to emulate.

How to boost your retirement savings

It's not an easy thing to focus on retirement in your mid-30s, but it's important. The more time you give your savings to grow, the more money you're likely to have by the time retirement rolls around.

And remember: You're going to need retirement savings to supplement your Social Security benefits. Not only are those benefits at risk of being cut, but they also may only replace about 40% of your pre-retirement wages even if they aren't (assuming you earn an average paycheck). So it's best to have savings allowing you to live comfortably as a retiree without constant worry.

If you're looking to give your nest egg a boost, here are some things you can do:

• Make sure you're claiming your full 401(k) employer match each year.
• Save your raise every year automatically so you don't miss the extra money in your paycheck.
• Commit to increasing your savings rate by 1% a year if banking your entire raise isn't feasible.
• Pick up gig work and use the money to contribute to a retirement account.
• Review your spending every three months to see if there are expenses you can shed, and then send that saved money into a retirement account.

Whether your 401(k) balance is smaller than, larger than, or comparable to the average today, it never hurts to ramp up your savings as best as you can. And the more money you're able to set aside at a fairly young age, the less stress you might have at various points along your savings journey.

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