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Retirement

Saving for retirement? Here's how each age group is doing

By EBN Staff
Published September 23, 2024 5:30 AM
|
Updated September 23, 2024 10:57 AM
1 Min Read
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Even when just entering the workforce, signing up for a 401(k) account and saving for retirement is a priority for some. As income typically rises with age, 401(k) participants are able to put more money into these accounts as they get older, increasing their retirement savings. Longer-tenured 401(k) users also have higher balances, as they have been contributing to their accounts for a longer period. 

Read more: American 401(k) savings rates reach all-time high 

For those aged 25 and younger, the average 401(k) balance account is $7,351 and the median balance is $2,816, while those aged 65 and older have an average balance of $272,588 and a median balance of $88,488.

Read more about 401(k) balances by age group.

Source: Vanguard

Average and median 401(k) balances across age groups

Age Average Median
<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
Chart showing average 401(k) balance by age, where those aged 65 and older have an average balance of $272,588.
Those aged 65 and older have an average of $272,588 saved in their 401(k) accounts.
Chart showing average 401(k) balance by age, where those aged 55-64 have an average balance of $244,750.
Those aged between 55 and 64 have an average of $244,750 saved in their 401(k) accounts.
Chart showing average 401(k) balance by age, where those aged 45-54 have an average balance of $168.646.
Those aged between 45 and 54 have an average of $168,646 saved in their 401(k) accounts.
Chart showing average 401(k) balance by age, where those aged 35-44 have an average balance of $91.281.
Those aged between 35 and 44 have an average of $91,281 saved in their 401(k) accounts.
Chart showing average 401(k) balance by age, where those aged 25-34 have an average balance of $37,557.
Those aged between 25 and 34 have an average of $37,557 saved in their 401(k) accounts.
Chart showing average 401(k) balance by age, where those younger than 25 have an average balance of $7,351.
Those aged younger than 25 have an average of $7,351 saved in their 401(k) accounts.

EBN Staff
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