# 401k Statistics: what is the average 401(k) balance?

1 min read by Unbiased team Last updated March 28, 2024

## 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 RangeAverage BalanceMedian 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:

GenerationWomenMen
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 incomeAverage 401(k) balanceMedian 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

## 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:

IndustryAverage 401(k) account balanceMedian 401(k) account balance
Agriculture, mining, construction \$176,369 \$44,769
Finance, insurance, real estate \$154,841 \$46,562
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:

StateAverage retirement balanceRank
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)