Fidelity Puts Average 401(k) at $257,400 for Ages 60-64 as Median Sits at $95,642
Updated
Updated · FinanceBuzz · Jun 29
Fidelity Puts Average 401(k) at $257,400 for Ages 60-64 as Median Sits at $95,642
2 articles · Updated · FinanceBuzz · Jun 29
Summary
$257,400 is the average 401(k) balance for Americans ages 60 to 64, while CNBC cites a $95,642 median for ages 55 to 64, underscoring how a smaller group of high savers lifts the average.
Fidelity says workers should target savings equal to about eight times annual income by age 60, using the benchmark as a planning guide rather than a pass-fail test.
Lower balances often reflect limited access to workplace plans, missed employer matches, debt repayment, and career or caregiving interruptions that compound over decades.
Workers ages 60 to 63 can boost savings under SECURE 2.0 by contributing up to $35,750 to a 401(k) in 2026, including an $11,250 super catch-up above the standard $24,500 limit.
Fidelity also points to saving at least 15% of gross income, keeping a diversified growth-oriented portfolio, and delaying retirement when possible to improve readiness.