Living on Social Security benefits alone would mean you'd have a tough time in retirement, so you need another income source.
For many people, money to supplement Social Security comes from a 401(k) because 401(k)s are easy to invest in. You get access to them at work, you may even be signed up by default, and your employer will often help contribute when you invest.
If you're going to rely on your 401(k) to support you in your later years, it's important to keep tabs on how your account is growing. And, since your account generally gets bigger as you get older, you may want to see how your balance compares with others in your age range.
So, let's take a look at how much the typical millennial has in his or her plan so you can see where you stand.
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Do you have more or less saved for retirement than the typical millennial?
According to Fidelity's research into average account balance by age, the average 401(k) among millennials totaled $80,700 in the third quarter of 2025.
Millennials are doing much better than Gen Z, as those born between 1997 and 2012 have an average balance of just $17,000.
However, they're far behind their Gen X peers, as those born between 1965 and 1980 have average 401(k) balances of $217,500. Boomers are doing the best of all, with a median balance of $267,900.
Still, with the oldest millennials already in their mid-40s, a nest egg in that $80,000 range most likely isn't on track to provide enough money to fully supplement Social Security and provide a good standard of living.
Can, and should, you increase your 401(k) balance?
Now, not everyone has the average balance. There's a chance you may have much more than the typical millennial in your retirement plans. Of course, there's also a chance you may have much less.
The important thing is to see where you stand relative to your own retirement planning needs. You'll probably require a nest egg of around 10 times your final salary by the time you stop working. If you have only $80,000 and are over halfway through your working life, that may be hard.
To see if you need to save more, use calculators like those found at Investor.gov to find out what amount of income your 401(k) will produce at a safe withdrawal rate. If your 401(k), IRA, or other plan won't produce enough income in retirement based on your current investment trajectory, especially after accounting for inflation, it's time to start saving more.
Cutting nonessentials from your budget, increasing income, and automating investments can be the way to go to boost your savings rate and have more security in your senior years.
It's worth making the effort -- especially if your savings rate is near or below that of the typical millennial and you want or need to improve those stats.
