What's the Average 401(k) Balance by Age?

Is your balance more or less than the average?

By Kailey Hagen – Updated Mar 10, 2025 at 11:23 AM EST

Key Points

Invest early in 401(k) to leverage compound earnings for a substantial retirement fund.
Average 401(k) balances vary by age and income, affecting retirement readiness.
Retirees may face income shortages; increasing 401(k) contributions can help.
The $23,760 Social Security bonus most retirees completely overlook ›

It's imperative that you're financially prepared for retirement. Living on Social Security alone is difficult, so you'll want an additional source of income. For most people, that extra money must come from retirement savings.

A 401(k) is a popular retirement investment account used by millions of U.S. workers, in large part because this account offers generous tax advantages. Because it's administered by employers, it's convenient to invest in.

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average-401k-balance-infographic — Image source: The Motley Fool

If you have access to a workplace 401(k), saving in it early and aggressively could provide a path to a secure retirement. But how have Americans done with investing in their 401(k) accounts? Check out the average 401(k) balance by age and income level to see where you stack up when it comes to your retirement savings.

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The average 401(k) balance by age

Each year, Vanguard collects data from approximately 5 million retirement accounts. Based on its analysis in 2024, the average 401(k) balance was $134,128 in 2023, up about 19% from 2022 but still below the 2021 high of $141,542. However, averages varied substantially by age. The table below shows the average and median balances for individuals in different age groups.

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Data source: How America Saves, Vanguard.
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

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Table by author.
Age When You Invest Your $1,000	Value of $1,000 Investment at Age 67
20	$37,232
30	$17,245
40	$7,988
50	$3,700
60	$1,713

While it may be a challenge to save when you're young, it pays to do so.

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The average 401(k) balance by income level

Not surprisingly, income impacts the amount workers invest in their 401(k). The table below shows the average account balance based on income level.

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Table source: How America Saves, Vanguard.
Income Range	Average 401(k) Balance	Median 401(k) Balance
Below $15,000	$24,175	$3,691
$15,000 to $29,999	$18,610	$6,142
$30,000 to $49,999	$25.096	$10,072
$50,000 to $74,999	$59,273	$24,939
$75,000 to $99,999	$106,875	$51,073
$100,000 to $149,999	$178,818	$91,323
$150,000 and up	$336.470	$188,678

Higher earners need more money saved for retirement because, in most cases, they are used to a higher standard of living. They will need their retirement investment accounts to produce sufficient funds to maintain their lifestyle after their paychecks stop.

Many workers contribute a set percentage of income to their 401(k), such as 10%. With this percentage-based approach, higher earners inevitably invest more for retirement each year than their lower-earning counterparts.

Average 401(k) balances by gender

Gender can also impact 401(k) balances. In particular, men have much higher average balances than their female peers.

This is explained by many factors, including the gender wage gap (men tend to earn more than women) and the fact that women may have fewer years on the job because they are more likely to take time off due to caregiving responsibilities.

The table below shows the average and median 401(k) balances by gender.

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Table source: How America Saves, Vanguard.
Gender	Average 401(k) Balance	Median 401(k) Balance
Male	$157,489	$42,263
Female	$112,401	$31,164

Unfortunately, women often face an uphill battle in investing enough for a secure future -- especially since they tend to live longer than men and need larger balances as a result.

Average 401(k) balance at retirement

Many U.S. workers retire by the time they reach 65. Vanguard's data shows the average 401(k) balance for workers 65 and older to be $272,588, while the median balance is $88,488.

For retirees following the 4% rule, the average balance would produce just $10,904 in annual retirement income, while the median would provide only around $3,540. Even when combined with Social Security, this may not be sufficient to provide a comfortable income in retirement.

Aim to invest as much as possible in your 401(k) and other retirement accounts

A 401(k) can be a convenient and simple way to save for retirement, although you have other options, including traditional IRAs and Roth IRAs.

You should be investing in these retirement plans throughout your career with the goal of amassing a nest egg large enough to meet your needs. If you aren't hitting your investment targets, consider carefully reviewing your budget to find more opportunities to save. As you earn salary increases, you may also want to save those raises in your 401(k) rather than spending the extra income since this can make it easier to hit your savings targets.

By automating contributions to a 401(k) and aiming to save 15% or more of your income for retirement throughout your career, you could end up with a 401(k) balance well above the average or median for workers in the U.S. Hopefully, you'll have a more secure retirement for doing so.