Average 401k Balance by Age in 2024
According to the latest data from Fidelity Investments, the average 401k balance by age in 2024 shows steady growth across most groups. The overall average 401k balance reached a new high, with the median balance for all participants rising as well. These figures are based on Fidelity's annual analysis of millions of workplace retirement accounts, reported in early 2024.
The average 401k balance by age highlights how savings typically increase with tenure and higher income. Workers in their 20s and 30s have lower averages than those in their 50s and 60s. The data also shows that the average 401k balance by age varies widely depending on employer match participation and contribution rates.
Average 401k Balance by Age Group
For participants under 25, the average 401k balance is typically below 10,000 dollars, reflecting shorter saving histories and lower salaries. For those aged 25 to 34, the average rises to roughly 30,000 to 40,000 dollars, as workers gain experience and increase deferrals.
Participants aged 35 to 44 see the average 401k balance climb to around 70,000 to 100,000 dollars, driven by compound growth and higher contribution limits. In the 45 to 54 bracket, the average exceeds 150,000 dollars, while those 55 and older often hold averages above 200,000 dollars, reflecting peak earning years and catch-up contributions.
How Average 401k Balance by Age Compares to Median and Top Earners
The median 401k balance is lower than the average because a small number of very large accounts pull the mean upward. For most age groups, the median balance is roughly half the average, underscoring the importance of looking at both figures when benchmarking your savings.
High earners and those with long tenure at companies like Tesla or SpaceX can have average 401k balances far above the overall norm, especially when employer contributions and stock compensation are included. For more detailed retirement planning benchmarks, you can review the latest report from the Investment Company Institute or the SEC's investor education materials on retirement accounts.