Here's How Much the Average 60-Year-Old Has in Their 401(k)

Hitting your 60s means retirement isn't just a someday idea anymore, it's right around the corner. You can start claiming Social Security at 62, but a lot of people keep working way beyond that -- either because they want to, or because they need to.

Here's what the average 60-something has stashed away in their 401(k), and what you can do if you feel behind.

The average 401(k) balance at 60

There's a huge range when it comes to retirement account balances. And it's changing daily as people save more and the stock market fluctuates.

But here's what two major sources found:

• Vanguard reports that Americans ages 55 to 64 have a median 401(k) balance of $95,642.
• Empower reports that Americans in their 60s have a median 401(k) balance of $187,957.

That's a pretty wide range, but it paints a realistic picture for folks around age 60.

To be fair, many people have retirement savings outside of their 401(k) -- myself included. When I was younger I prioritized real estate investments and neglected my workplace retirement plans. So it's not the full picture when it comes to net worth.

Traditional and Roth IRAs are very popular accounts for retirement savings. They give you way more flexibility and control over where you invest, how much you pay in fees, and whether you want to prioritize Roth options for tax purposes.

Here's a look at the top IRAs worth considering in 2025.

Ways to boost your retirement savings at 60

No matter where you're starting from, it's always worth trying to save more. Here are a few ways to play catch up if you're feeling behind:

1. Use catch-up and "super" catch-up contributions

Once you hit age 50, the IRS lets you contribute more to retirement accounts.

• 401(k) limit in 2025: $23,500
• Catch-up for age 50+: +$7,500
• Total limit: $31,000

And here's a new rule introduced this year… Under the SECURE 2.0 Act, there's now a "super" catch-up option just for people ages 60 to 63. The 401(k) catch-up limit jumps from $7,500 to $11,250.

You can also use catch up contributions with an IRA:

• IRA limit in 2025: $7,000
• Catch-up for age 50+: +$1,000
• Total limit: $8,000

Over five years, fully maxing both could add $195,000 to your nest egg -- and that's before any investment growth.

2. Consider working a little longer

Staying at work just a few extra years can make a huge difference in your ability to retire comfortably.

You get more time to save, your investments get more time to grow, and you can hold off tapping into Social Security.

Even part-time work or a consulting gig can make a difference. Especially if it lets your investments keep compounding.

3. Look at your expenses, not just your savings

Lowering your expenses can be just as powerful as increasing your savings.

You could explore downsizing your home, paying off debt (especially any high interest), or even moving somewhere cheaper. Lowering your monthly needs can stretch your savings further.

In fact, for every $10,000 less you spend each year in retirement, you may need $250,000 less saved (based on the 4% rule.)

A quick perspective check

While it's interesting to see how your 401(k) balance compares against others, the real progress comes from focusing on your own situation.

You can't go back in time and invest more. But you can make changes and try to change your future going forward. Save what you can, invest wisely, and make spending choices that align with your retirement goals.

Compare the best brokers to help you hit your retirement goals.