If retirement is on the horizon, there are a few key items you'll want to tackle first. One of the biggest? Making sure you've saved enough to live comfortably -- or at least have a plan in place so you can sleep soundly at night.
A quick way to get the ball rolling is to check out what others who are close to or have already taken the plunge into retirement have saved. Let's take a look at average 401(k) balances to get a better idea.
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Here's the average 401(k) balance for retirees age 65 and older
While the average 401(k) balance across all age groups stood at $134,128 at the end of 2023, it's those 65 and older who lead the pack. According to a Vanguard analysis of nearly 5 million retirement accounts, retirees in this age group have saved an average of $272,588.
But here's the catch: Averages can be skewed by a few big savers who've socked away significantly more. For a clearer snapshot of what's typical, check out the median balance. It sits at just $88,488. That means half of 401(k) holders aged 65 and up have saved less than that.
Surprised? Take a look at how other age groups are doing.
| Age | Average 401(k) Balance | Median 401(k) Balance |
|---|---|---|
| Younger than 25 | $7,351 | $2,816 |
| 25 to 34 | $37,557 | $14,933 |
| 35 to 44 | $91,281 | $35,537 |
| 45 to 54 | $168,646 | $60,763 |
| 55 to 64 | $244,750 | $87,571 |
| 65 and older | $272,588 | $88,488 |
| All age groups | $134,128 | $35,286 |
Data source: How America Saves 2024, Vanguard.
Whether you're ahead of the game or feeling a bit behind, these numbers make for a great check-in. Remember, your 401(k) is just one slice of the pie. Take a look at all your income sources, including individual retirement accounts (IRAs) and brokerage accounts. Then, run through your expenses to see how long you can stretch those retirement funds.
