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

How much should I have saved in my 401(k) at different ages?

The average 401 (k) balance for all ages is $134,128, according to Vanguard’s How America Saves Report 2024. However, the average 401 (k) balance by age of someone in their 20s is very different from the balance of someone in their 50s and 60s. That’s why it’s helpful to know how much you should have saved in your 401 (k) at different ages.