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This Is the Average 401(k) Balance for Ages 45 to 54

If you have access to a 401(k) through your employer, it’s wise to take full advantage of it. The 401(k) offers a higher contribution limit, allowing up to $23,000 per year, compared to $7,000 per year for both traditional and Roth IRAs. Many plans also offer employer matching contributions, which can effortlessly double your savings.

But how much should you have saved in your 401(k) by the time you reach your 40s or 50s? That will depend largely on factors like your spending habits and life expectancy. Therefore, it’s better to calculate your unique retirement goal, rather than basing your progress solely on how your peers are saving.

There’s nothing wrong with seeing how you stack up compared to others your age for curiosity’s sake. Here’s what the average and median 401(k) balances look like among those ages 45 to 54.

Person looking at a laptop and smiling.

Image source: Getty Images.

The average 401(k) balance by age

By the time you’re in your mid-40s to early 50s, you should be well on your way to building a robust nest egg. These decades are the peak earning years for most workers and the time to supercharge your savings.

Vanguard’s 2024 edition of its “How America Saves” report reveals the average and median account balances among Vanguard 401(k) participants across various age groups:

Age Group Average 401(k) Balance Median 401(k) Balance
25 to 34 $37,557 $14,933
35 to 44 $91,281 $35,537
45 to 54 $168,646 $60,763
55 to 64 $244,750 $87,571

Source: Vanguard. Table by author.

Among those ages 45 to 54, the average balance is $168,646. However, because the average also includes extreme outliers with very low or very high balances, the median balance of $60,763 may be a more accurate snapshot of where most workers stand.

Again, your unique goals matter more than how you compare to the average. By considering your individual needs, you can ensure you’re saving enough for a secure retirement.

The $22,924 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

View the “Social Security secrets” »

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