What's the Average 401(k) Balance by Generation?

Are you saving as much for retirement as your peers?

It's hard to know exactly how much you need to save for your golden years. Some people have more modest retirement goals than others, of course, so the answer depends on how you plan to spend this period of your life.

That said, it can be useful to know what others in your age group have saved, and a great proxy for that is the average 401(k) account balance by age group.

As you might expect, the average account balance climbs with age during people's younger and prime working years and then levels off after age 55, when many people stop working or begin to withdraw funds.

Fidelity is a great source for this data because the investment firm oversees $16.4 trillion in assets and more than 50 million IRA, 401(k) and 403(b) retirement accounts. (The latter accounts are for employees of public schools and other non-profits.)

One way to look at average account balances is by generation. And I looked at both 401(k) accounts and IRAs (individual retirement accounts). The two are very similar: 401(k) accounts are employer-sponsored and often have company matching, while IRAs are opened at a financial institution like Fidelity.

Image source: Getty Images.

Baby boomers have the most saved

Baby boomers, the generation of Americans born between 1946 and 1964 (age 61-79 in 2025), have an average balance of $249,300 in their 401(k) accounts, plus another $257,000 in an IRA account.

Gen X, those born 1965 to 1980 (age 45-60), have on average $192,300 in their 401(k) accounts and another $104,000 in an IRA.

Millennials, born between 1981 and 1986 (age 29-44), average $67,300 in a 401(k) and another $25,100 in an IRA.

Finally, Gen Z Americans, born between 1997 and 2012 and now age 13-28, have on average $13,500 in a 401(k) and another $6,700 in an IRA.

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