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

1 min read by Unbiased team Last updated October 4, 2024

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 RangeAverage BalanceMedian Balance
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
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
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

(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:

IndustryAverage 401(k) account balanceMedian 401(k) account balance
IndustryAverage 401(k) account balanceMedian 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:

StateAverage retirement balanceRank
StateAverage retirement balanceRank
AK$503,8224
AL$395,56336
AR$364,39546
AZ$427,41831
CA$452,13517
CO$449,71919
CT$545,7541
DC$347,58249
DE$454,67914
FL$428,99728
GA$435,25426
HI$366,77645
IA$465,12711
ID$437,39625
IL$449,98318
IN$405,73233
KS$452,70315
KY$441,75723
LA$386,90839
MA$478,9478
MD$485,5017
ME$403,75135
MI$439,56824
MN$470,5499
MO$410,65632
MS$347,88448
MT$390,76838
NC$464,10412
ND$319,60950
NE$404,65034
NH$512,7813
NJ$514,2452
NM$428,04129
NV$379,72842
NY$382,02740
OH$427,46230
OK$361,36647
OR$452,55816
PA$462,07513
RI$392,62237
SC$449,48621
SD$449,62820
TN$376,47643
TX$434,32827
UT$315,16051
VA$492,9656
VT$494,5695
WA$469,98710
WI$448,97522
WV$370,53244
WY$381,13341

(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. 

Find a financial advisor now 

Writers

Unbiased team

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.