What is the average 401(k) balance?

Average 401 (k) balances hit a record high; here’s the average 401 (k) balance by generation and age as of September 30, 2024, according to Fidelity Investment’s “ Building Financial Futures ” report, which is based on the 24 million 401 (k) accounts it manages. (Note: the average 401 (k) balance was $132,300.)

What does the average 401(k) balance by age mean?

“What the (average 401 (k) balances by age) tells us is investors are not saving enough to afford a comfortable retirement,” said Anthony Ogorek, president and founder of Ogorek Wealth Management. Let’s also look at average 401 (k) balances by age band, which shows how much account holders have saved during each decade of their life.

What is the average 401(k) balance for a 55 year old?

For men, that age is 55 Average 401 (k) balance: $168,646 Median 401 (k) balance: $60,763 This group has hit the age at which catch-up contributions begin to be allowed by the IRS: Participants age 50 and older can contribute up to $7,500 in 2024