This Is the Average 401(k) Balance for Retirees (and Others) Aged 58 and Older
Key Points
Most 50-somethings have not socked away enough money in their 401(k)s yet.
That's especially true when you examine median figures instead of average figures.
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In your late 50s? Then retirement may be just a few years away, and you may wonder how your 401(k) account compares to others. The table below offers some answers. Those in their 50s have amassed an average of $635,320 in 401(k) accounts managed by Empower, an investment firm that serves as a reasonable proxy, and have a median balance of $253,454.
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Average 401(k) |
Median 401(k) |
|---|---|---|
|
20s |
$107,171 |
$40,050 |
|
30s |
$211,257 |
$81,441 |
|
40s |
$419,948 |
$164,580 |
|
50s |
$635,320 |
$253,454 |
|
60s |
$577,454 |
$186,902 |
|
70s |
$425,589 |
$92,225 |
|
80s |
$418,911 |
$78,534 |
Source: Data from Empower Personal Dashboard, as of October 2025.
If you wonder why the two numbers on each row are so different, consider this simple series of numbers: 10, 13, 24, 42, and 136. The result of averaging those numbers is 45, but that is larger than four of the numbers! The median value, on the other hand, is arrived at by arranging the numbers in order and then zeroing in on the middle value -- in this case, 24. Median numbers are often more representative, as averages can be skewed by unusually large or small outliers.
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The numbers above seem insufficient. Pick the largest median number -- about $253,000. Let's even assume that by retirement, it has swelled to $350,000. Using the flawed-but-still useful 4% rule, such a retiree would withdraw $14,000 in their first year of retirement. That's not much more than $1,000 per month.
Most of us should be aiming to have multiple income streams in our retirement, and not just Social Security income. As of November, Social Security benefits averaged just $2,013 per month, or about $24,000 for the year.
So do your own math and come up with your own retirement plan, perhaps featuring income from not only your retirement accounts, but also from dividend-paying stocks, interest-bearing accounts, annuities, and/or rents from tenants, among other possibilities.
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