Wondering whether you’re ahead or behind the retirement savings curve? A recent look at 401(k) balances shows where Americans actually stand, and the numbers might surprise you.
These figures come from Empower’s anonymized data as of last fall and include balances from people using the company’s online financial dashboard.
The data may reflect holdings from both current and former employer-sponsored plans. One important caveat is that investors who use online financial tools tend to be more engaged with their retirement planning than the general population, so these numbers likely skew higher than truly representative figures.
What the data reveals
According to Empower data, the overall average 401(k) balance sits at $335,105. But that figure doesn’t tell the whole story. Balances vary dramatically depending on age, with people in their 50s holding the highest average at $635,320.
Here’s how the average and median 401(k) balances break down across age groups, according to Empower:
| Age | Average 401(k) | Median 401(k) |
|---|---|---|
| 20s | $107,171 | $40,050 |
| 30s | $211,257 | $81,441 |
| 40s | $419,948 | $164,580 |
| 50s | $635,320 | $253,454 |
| 60s | $577,454 | $186,902 |
| 70s | $425,589 | $92,225 |
| 80s | $418,911 | $78,534 |
Why average and median matter
It’s worth noting the difference between average and median.
The average adds up all balances and divides that total by the number of accounts, meaning a few mega-savers can skew the number higher. The median represents the middle point, where half of savers have more and half have less.
For most people, the median provides a more realistic benchmark. Notice how much lower those median figures are compared to averages.
A 50-something with $253,454 saved is right in the middle of their peers, even though the average suggests they should have nearly $400,000 more.
Making the most of your 401(k)
The data confirms what financial advisors have long preached: Starting early matters. Those in their 20s who’ve already accumulated savings have decades of potential compound growth ahead.
And if you have an employer who offers a match, contribute at least enough to capture it fully. That’s free money you don’t want to leave behind.
Participation rates tell another story. While 70% of Americans contribute to a retirement plan, only 47% of Gen Zers report saving in one, compared to 75% of millennials and 76% of Gen Xers.
Whatever your current balance, comparing yourself to others is just one data point. Your personal retirement needs depend on factors like expected Social Security benefits, other savings, lifestyle goals and when you plan to stop working.
The real question isn’t whether you match these benchmarks, but whether you’re on track to fund the retirement you want.
If you have more than $100,000 in savings, get advice from a pro. SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in under five minutes.