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Coupled with the fact that most employers no longer offer pensions and Social Security is struggling ... Age. Average 401(k) Balance. Median 401(k) balance. Under 25 years old. $5,236. $1,948. 25 ...
Here's how age groups stack up on average and median 401(k) balances as of 2024: Age. Average account balance. Median account balance. 25 and younger. $7,351. $2,816. 25 to 34. $37,557. $14,933.
By age 50, Fidelity suggests you should have accumulated a multiple of six times your current salary. That same $75,000 salary would equate to a 401(k) balance of $450,000 by the time you reach 50.
The average person age 65 and older has $272,588 in his or her 401(k), according to the latest data from retirement giant Vanguard. While the average 401(k) participant has $272,588, the median ...
Those 65 and over have a median net worth of about $250,000 (shown), about a quarter of the group's average (not shown). [1] Pensions in the United States consist of the Social Security system, public employees retirement systems, as well as various private pension plans offered by employers, insurance companies, and unions.
Those age 65 and older tend to have far more in savings than younger generations. However, the average 401(k) balance is still just $272,588, according to Vanguard's 2024 How America Saves report.
This is up considerably across every age group compared with Fidelity's data from the first quarter of 2023 reported on by CNBC. At that time, the average balances for each generation were ...
Age Group. Average 401(k) Account Balance. Baby boomers (ages 60 and up) $250,900. Gen X (ages 44 to 69) $191,900. Millennials (ages 28 to 43) $66,500. Gen Z (up to 27)