How much money should you have saved up for retirement? It depends in large part on your age. The older you are, the more you should have socked away.
One quick way to see if you are on track for retirement is to compare the amount saved in your 401(k) account with how much other Americans your age have saved. Here are the average 401(k) balances at ages 55, 60, 65, and 70.
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Age 55
Fidelity Investments surveyed 26,800 401(k) plans and 25.6 million participants in the first quarter of 2026. The company found that the average balance for individuals aged 55-59 was $260,800. By comparison, the average balance for ages 50 to 54 was $215,700. While Fidelity didn't specify the average 401(k) balance at exactly age 55, we can estimate it's likely around $260,000.
This number is somewhat higher, though, than another estimate. Vanguard analyzed nearly 5 million 401(k) plans that it manages. It calculated an average balance of $244,750 for individuals aged 55-64.
Still, Fidelity's and Vanguard's figures should give you a general idea of how closely you compare with the average 401(k) balances for 55-year-olds. You might also want to use Fidelity's rule of thumb that roughly seven times your salary should be saved for retirement by age 55.
Age 60
Retirement is right around the corner for many Americans by age 60. Fidelity's study found that the average 401(k) balance for individuals aged 60 to 64 was $257,400. Again, this number is slightly higher than Vanguard's $244,750 average for people aged 55 to 64.
Why is Fidelity's average for this age lower than the average for individuals between ages 55 and 59? One potential answer is that many people retire at age 62, when they become eligible to receive Social Security benefits and begin withdrawing money from their 401(k) accounts.
By the way, Fidelity's rule of thumb for age 60 is to have eight times your salary saved for retirement. This ratio is higher than at age 55 because you're closer to actually retiring when you're 60.
Age 65
Sixty-five is a popular age to retire for a simple reason: It's the age for Medicare eligibility. Healthcare costs in retirement can be steep, so many people choose to delay retirement until Medicare covers them.
Fidelity found that the average 401(k) balance for Americans aged 65 to 69 was $258,800. This compares to Vanguard's average of $272,588 for individuals ages 65 and older.
What's Fidelity's rule of thumb for retirement savings at age 65? Unfortunately, there isn't one. However, the company recommends that individuals have 10 times their salaries saved by age 67.
Age 70
You might be surprised to learn that the average amount of money in 401(k) accounts at age 70 is higher than at younger ages. Fidelity reported an average balance of $264,500 for individuals ages 70 and older.
Why would the average be higher at age 70? Perhaps the most likely answer is that retirees don't have to withdraw as much from their 401(k) accounts once they reach Social Security's full retirement age. Lower withdrawals allow the accounts' investments to grow.
What to do if you're behind in saving for retirement
If your 401(k) balance is much lower than the average for your age, don't despair. For one thing, averages can be skewed by outliers. Vanguard's median 401(k) balances by age range are significantly lower than the averages. For example, the company calculated a median of $87,571 for ages 55 to 64 versus an average of $244,750.
You can also take advantage of catch-up contributions once you reach age 50. In 2026, the catch-up contribution increased from $7,500 to $8,000 (for a maximum contribution of $24,500). Between the ages of 60 and 63, catch-up contributions jump to $11,250 if your plan allows it.
Finally, the most important retirement number isn't your 401(k) balance. Instead, it's the net difference between your projected retirement income and spending. Retirement income isn't limited to 401(k) plans; it also includes income from IRAs, Social Security, and pensions. Your goal shouldn't be to match the average 401(k) balance, but rather to have enough money in retirement to last as long as you do.
