401k Statistics: what is the average 401(k) balance?
Discover the 401(k) statistics for Americans across various categories, including age, income level, gender, industry, and location.
Highlights
If you add up data for all age ranges, the average 401 (k) balance in the US is $115,710.
The average 401(k) balance at 65 (and older) is the highest of all age cohorts at $232,710.
Women typically have lower 401(k) balances than men, with male baby boomers having over double the savings of their female counterparts.
The collective agriculture, mining, and construction industry has the highest average 401 (k) balance, at $176,369.
What is the average 401(k) balance by age in the US?
A 401(k) plan is an employee-sponsored retirement savings mechanism that allows Americans to contribute pre-tax income toward their retirement.
The average 401k balance of your account depends on the collective value of the 401(k) contributions you’ve made up until this point.
Average and median 401(k) balances by age:
| Age Range | Average Balance | Median Balance |
|---|---|---|
| <25 | $5,236 | $1,948 |
| 25-34 | $30,017 | $11,357 |
| 35-44 | $76,354 | $28,318 |
| 45-54 | $142,069 | $48,301 |
| 55-64 | $207,874 | $71,168 |
| 65+ | $232,710 | $70,620 |
*Average = sum of all individual values (balances by age group), divided by the total number of items (age groups) Median = value for which half of the balances are larger, and half are smaller (“middle” value) (Vanguard, 2023)
What is the average 401(k) balance by gender?
According to Bank of America 401k research, the average male-owned 401(k) balance was $89,000, compared to just $59,000 ($30K less) for those owned by females in 2023.
Additionally, Statista revealed that 50.56% of women, compared to just 38.29% of men, had no money in their savings at that time.
Alongside this variation by gender is additional variation by generation.
Total median retirement savings by generation: women vs. men:
| Generation | Women | Men |
|---|---|---|
| Baby Boomers | $101,000 | $248,000 |
| Generation X | $51,000 | $127,000 |
| Millennials | $29,000 | $63,000 |
| Generation Z | $26,000 | $42,000 |
(Transamerica, 2019)
What is the average 401(k) balance by income level?
Income level also has a profound impact on the average 401(k) balance: The higher an individual’s income, the higher their 401(k) balance is likely to be.
Average 401(k) balance by income level:
| Annual income | Average 401(k) balance | Median 401(k) balance |
|---|---|---|
| Less than $15,000 | $20,765 | $4,033 |
| $15,000 to $29,999 | $13,871 | $4,568 |
| $30,000 to $49,999 | $28,672 | $11,556 |
| $50,000 to $74,999 | $66,033 | $31,064 |
| $75,000 to $99,999 | $113,617 | $104,155 |
| $100,000 to $149,999 | $186.066 | $104,155 |
| $150,000 and above | $340,245 | $201,301 |
(Business Insider, 2024)
What is the average 401(k) balance by industry?
401(k) statistics also reflect that balances vary depending on the industry that savers work in:
Average and median 401(k) account balance by industry:
| Industry | Average 401(k) account balance | Median 401(k) account balance |
|---|---|---|
| Agriculture, mining, construction | $176,369 | $44,769 |
| Finance, insurance, real estate | $154,841 | $46,562 |
| Business, professional, nonprofit | $154,716 | $38,777 |
| Media, entertainment, leisure | $151,110 | $41,149 |
| Manufacturing | $141,066 | $22,102 |
| Transportation, utilities, communications | $102,411 | $61,488 |
| Education and health | $97,401 | $23,992 |
| Wholesale and retail | $87,390 | $15,658 |
(Zippa, 2023)
What is the average 401(k) balance at retirement?
Since 401(k) balances increase with contributions over time, they vary depending on the age at which people retire.
For individuals who retire between the ages of 65 and 74, their average 401(k) balance upon retirement is $609K.
Of course, this figure has changed over time. A Federal Reserve Survey of Consumer Finance shows that the average 401(k) balance upon retirement for this age group in 1989 was $113K, although this decreased to $112K in 1992. However, by 1995, the average 401(k) balance had increased sharply to reach $162K and has continued to grow since then.
The average balance was $188K in 1998 and $292K in 2001. 2013 saw a dramatic increase, as the average balance reached $563K. This dipped to $441K in 2016 before rising again to reach $493K in 2019 and $609K in 2022.
What is the average 401(k) balance by location?
Per the table below, Connecticut held the Number One spot for the highest average 401(k) balance in the US in 2021:
The average retirement savings by state:
| State | Average retirement balance | Rank |
|---|---|---|
| AK | $503,822 | 4 |
| AL | $395,563 | 36 |
| AR | $364,395 | 46 |
| AZ | $427,418 | 31 |
| CA | $452,135 | 17 |
| CO | $449,719 | 19 |
| CT | $545,754 | 1 |
| DC | $347,582 | 49 |
| DE | $454,679 | 14 |
| FL | $428,997 | 28 |
| GA | $435,254 | 26 |
| HI | $366,776 | 45 |
| IA | $465,127 | 11 |
| ID | $437,396 | 25 |
| IL | $449,983 | 18 |
| IN | $405,732 | 33 |
| KS | $452,703 | 15 |
| KY | $441,757 | 23 |
| LA | $386,908 | 39 |
| MA | $478,947 | 8 |
| MD | $485,501 | 7 |
| ME | $403,751 | 35 |
| MI | $439,568 | 24 |
| MN | $470,549 | 9 |
| MO | $410,656 | 32 |
| MS | $347,884 | 48 |
| MT | $390,768 | 38 |
| NC | $464,104 | 12 |
| ND | $319,609 | 50 |
| NE | $404,650 | 34 |
| NH | $512,781 | 3 |
| NJ | $514,245 | 2 |
| NM | $428,041 | 29 |
| NV | $379,728 | 42 |
| NY | $382,027 | 40 |
| OH | $427,462 | 30 |
| OK | $361,366 | 47 |
| OR | $452,558 | 16 |
| PA | $462,075 | 13 |
| RI | $392,622 | 37 |
| SC | $449,486 | 21 |
| SD | $449,628 | 20 |
| TN | $376,476 | 43 |
| TX | $434,328 | 27 |
| UT | $315,160 | 51 |
| VA | $492,965 | 6 |
| VT | $494,569 | 5 |
| WA | $469,987 | 10 |
| WI | $448,975 | 22 |
| WV | $370,532 | 44 |
| WY | $381,133 | 41 |
(Empower, 2021)
Get expert financial advice
Many factors influence the average 401(k) balance. These include gender, income level, industry of employment, location, age, and more. All of this determines how much you will have in your 401(k) account by the time you retire (and even how soon you’ll be able to retire).
To learn more about average retirement savings in the US and make the right choices to secure a comfortable retirement, it’s best to seek expert financial advice from a financial advisor.
Unbiased will match you with the financial advisor that suits your needs, future goals, and retirement plans.
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.