Are You on Track for Retirement? Here’s How Your 401(k) Stacks Up
Retirement can feel like a far-off dream—until it’s suddenly right around the corner. Whether you’re just starting your career or closing in on your golden years, one big question lingers: Am I saving enough?
Your 401(k) is one of the best tools for building long-term wealth, but how do you know if you're on track? While there's no one-size-fits-all number, looking at average 401(k) balances by age can give you a benchmark.
So, let’s break it down—how much do people actually have saved, and what can you do to boost your own 401(k)?
401(k) Balances by Age: Vanguard vs. Fidelity
Two major financial institutions, Vanguard and Fidelity, release annual reports on retirement savings trends. Their numbers differ slightly based on their account holders, so it’s helpful to see both perspectives.
Vanguard 401(k) Balances (2024 Report)
(Source: Vanguard’s How America Saves 2024 Report)
The average is much higher than the median as top savers really skew the numbers.
| Age | Average 401(k) balance | Median 401(k) balance |
|---|---|---|
| <25 | $7,351 | $2,816 |
| 25-34 | $37,557 | $14,933 |
| 35-44 | $91,281 | $35,537 |
| 45-54 | $168,646 | $60,763 |
| 55-64 | $244,750 | $87,571 |
| 65+ | $272,588 | $88,488 |
Fidelity 401(k) Balances (2025 Report)
(Source: Fidelity’s 2025 Report)
Fidelity only provided the average account balance in their report.
| Year Born | Average 401(k) balance |
|---|---|
| 1997-2012 | $13,000 |
| 1981-1996 | $66,500 |
| 1965-1980 | $191,900 |
| 1946-1964 | $250,900 |
How to Boost Your 401(k) and Catch Up
If your numbers don’t quite match up to these benchmarks, don’t panic. There are plenty of ways to get back on track—or supercharge your savings if you’re already doing well.
1. Increase Your Contributions Over Time
Start small if needed, but aim for at least 15% of your income (including employer match). If you’re not there yet, increase your contributions by 1% each year until you hit your goal.
2. Don’t Leave Free Money on the Table
If your employer offers 401(k) matching, contribute at least enough to get the full match. Otherwise, you're leaving free money behind.
3. Take Advantage of Catch-Up Contributions
If you’re 50 or older, you can contribute an extra $7,500 per year beyond the regular limit. That’s a powerful way to supercharge your retirement savings.
4. Make Smart Investment Choices
Your 401(k) is more than a savings account—it’s an investment vehicle. Make sure your money is working for you by having a diversified portfolio that includes a mix of stocks, bonds, and other assets.
5. Avoid Early Withdrawals
Tapping into your 401(k) early means penalties, taxes, and lost growth potential. Unless it’s an emergency, leave your retirement savings untouched until you actually need them.
Work With an Advisor to Stay on Track
Managing your 401(k) can feel overwhelming, but you don’t have to do it alone. A fiduciary financial advisor can help you:
✔ Set realistic retirement goals
✔ Optimize your 401(k) contributions and investment strategy
✔ Avoid costly mistakes that could set you back
If you’re not working with an advisor yet, now is the perfect time to start. Reach out to us today for a complimentary introductory call, and let’s make sure your retirement is on track!
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