This Is the Average 401(k) Balance for Ages 55 to 64
Tens of millions of Americans use a 401(k) as their primary way to save and invest for retirement. It's understandable why, too. It's passive and convenient, allows you to lower your taxable income, and often comes with an employer match.There's no "right" amount as far as how much you should have in your 401(k) at a certain age, but since many important retirement decisions are made between 55 and 64, we'll take a look at the average 401(k) for people in that range.Based on Vanguard's How Americans Save 2024 report, the average 401(k) balance for someone aged 55 to 64 is $207,874. The median balance at that age range -- which is worth looking at, because low or high balances can skew averages -- is $87,571.Continue reading
Tens of millions of Americans use a 401(k) as their primary way to save and invest for retirement. It's understandable why, too. It's passive and convenient, allows you to lower your taxable income, and often comes with an employer match.
There's no "right" amount as far as how much you should have in your 401(k) at a certain age, but since many important retirement decisions are made between 55 and 64, we'll take a look at the average 401(k) for people in that range.
Based on Vanguard's How Americans Save 2024 report, the average 401(k) balance for someone aged 55 to 64 is $207,874. The median balance at that age range -- which is worth looking at, because low or high balances can skew averages -- is $87,571.
