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Among all workers across generations, the average 401 (k) balance is $134,128, according to the 2024 report. The median balance may be more telling, however, as the average may be skewed by ...
The average 401 (k) balance among near-retirees. Vanguard reports that the average 401 (k) balance among Americans aged 55 to 64 is $244,750. However, the median 401 (k) balance among that age ...
65 and older. $272,588. $88,488. All age groups. $134,128. $35,286. Data source: How America Saves 2024, Vanguard. Truth be told, it might be surprising that the average 401 (k) balance for those ...
In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans ...
Source: Vanguard. Table by author. If your 401(k) balance falls below the average or median, that's OK. It's simpler than you might think to accumulate hundreds of thousands of dollars for ...
In the most recent report released in 2023, Vanguard revealed that the average 401(k) balance among those aged 55 to 64 is $207,874. However, the median balance may be more telling than the ...
Vanguard's number-crunching also indicates the median 401(k) balance -- that's the value of an account at the midpoint of all the accounts in question. The median for this age group is only $35,537.
If you assume the 401(k) is the entirety of someone’s retirement savings, a balance of $555,621 at age 65 when they retire would give them around $22,000 in annual income in the first year.
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