Vanguard’s How America Saves (2024 edition, covering 2023 plan data across ~5 million participants) is the most-cited snapshot of American retirement balances. Note the enormous gap between average and median at every age.
401(k) balances by age (Vanguard, 2023 plan year)
| Age | Average | Median |
|---|---|---|
| Under 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 |
| All participants | $134,128 | $35,286 |
Common savings benchmarks (rule of thumb)
| Age | Target (× salary) |
|---|---|
| 30 | 1× salary |
| 40 | 3× salary |
| 50 | 6× salary |
| 60 | 8× salary |
| 67 | 10× salary |
What it means
Half of savers have less than ~$35,000 — the median — while averages triple that. If you are behind, contribution rate beats investment cleverness: each 1% of salary added in your 30s is roughly 1× salary by retirement.
FAQ
What is the average 401(k) balance?
About $134,000 in the 2023 plan year — but the median is roughly $35,000, which better reflects the typical saver.
How much should I have saved by 40?
A common benchmark is 3× salary by 40 — see the table. It assumes retiring at ~67 on 70–80% income replacement.
Do these figures include IRAs?
No — Vanguard’s data covers employer plans it administers. Total retirement wealth is higher for households with IRAs.
Sources
- Vanguard, How America Saves 2024 (2023 plan-year data)
- Fidelity age-based savings guidelines
Figures compiled and rounded July 2026. Cite this page: “Average Retirement Savings & 401(k) Balances by Age, CalcYard” with a link.