The Average 401(k) Balance by Age — And 18 Questions to Ask

If you’re wondering, “Am I saving enough for retirement?” you’re not alone. Millions of Americans search for guidance every year on how their retirement savings stack up. And while average 401(k) balances by age offer a helpful benchmark, they don’t tell the whole story.

In this guide, we’ll break down:

• The average 401(k) balance by age
  
• How much you should have saved for retirement
  
• Why those numbers may not tell the full truth
  
• And how tools like Quicken Simplifi can help you close the gap

Whether you’re just starting out or playing catch-up, this article will help you see where you stand and what steps to take next.

What’s the average 401(k) balance by age?

To understand how your retirement savings compare, here’s a quick look at the average 401(k) balance by age. It’s a helpful reference point, but it’s only part of the bigger picture.

AGE	AVERAGE 401K BALANCE	MEDIAN 401K BALANCE
<25	$6,899	$1,948
25-34	$42,640	$16,255
35-44	$103,552	$39,958
45-54	$188,643	$67,796
55-64	$271,320	$95,642
65+	$299,442	$95,425

Am I saving enough for retirement?

Looking at average 401(k) account balances is a great place to start, but every personal financial situation is unique.

How do I know if I have enough to retire?

Even if your 401(k) balance is below average, you might be ahead in other important ways:

• Social Security benefits: Will you qualify for full or above-average payments?
• Emergency fund: Do you have 3–6 months of expenses saved in cash?
• Debt: Have you paid off high-interest credit cards or loans?
  

Each of these can impact your ability to retire comfortably, and they aren’t reflected in your 401(k) balance alone. That’s why a holistic view matters.

How Quicken Simplifi helps

With Quicken Simplifi, you can:

• Track your retirement savings alongside other assets
• See your net worth at a glance, including all assets and debt
• Create a personalized retirement plan based on your age, goals, and lifestyle

All in one app, so you’re not just guessing how you compare to others. You’re actually planning for the future you want.

What’s the average 401(k) balance for people under 25?

If you’re under 25, you might be wondering:

“How much should I have in my 401(k) right now?”

Here’s what the data says, according to Vanguard:

• Average 401(k) balance (under 25): $6,899
• Median 401(k) balance (under 25): $1,949

What’s the difference between average and median?

• The median means half of people in this age group have less than $1,949 saved, and half have more.
• The average is higher because a few savers with larger balances pull the number up.

What these numbers really mean

If you’re below the median, don’t panic: most people in your age group are just getting started. In fact, the best advantage you have right now is time. The earlier you start saving, even small amounts, the more compound growth can work in your favor.

How Quicken Simplifi can help you get ahead early

Quicken Simplifi is a great tool if you’re just starting out. It helps you:

• Set up a monthly savings goal tailored to your income
• Track your 401(k), Roth IRA, and other accounts in one place
• Visualize your progress toward retirement
• Get reminders to stay on track, even if you’re new to budgeting

Starting young, with the right tools, puts you on a path that many people wish they had followed earlier. You don’t have to max out your retirement account this year, but building smart habits now can lead to big payoffs later.

Jump to the questions

What’s the average 401(k) balance for your 20s or 30s?

If you’re between 25 and 34 years old, a common question is:

“What’s a good amount to have in my 401(k) by my early 30s?”

Here’s what the latest data from Vanguard shows:

• Average 401(k) balance (age 25–34): $42,640
• Median 401(k) balance (age 25–34): $16,254

Why the gap?

The average is pulled higher by top savers, while the median shows that half of Americans in this group have saved less than $16,254.

What to focus on at this stage

If you’re in your late 20s or early 30s, this is a crucial time to lay a strong financial foundation. That includes:

• Contributing regularly to your 401(k) or IRA
• Building an emergency fund (3–6 months of expenses)
• Paying down high-interest debt
• Thinking about homeownership as a long-term investment

While retirement is still decades away, the decisions you make in this phase can have compounding effects later.

How Quicken Simplifi can support you in your 30s

Quicken Simplifi makes it easier to juggle multiple goals without losing focus. You can:

• Create custom savings plans for retirement, emergencies, or a down payment
• See all your accounts in one dashboard, including 401(k), IRAs, and loans
• Track your debt payoff progress while contributing toward long-term goals
• Get insights that help you rebalance your finances as your life changes

Whether you’re ramping up your savings or still catching up, Simplifi gives you a real-time snapshot of your financial health and helps you take the next step with confidence.

What’s the average 401(k) balance for your 30s or 40s?

If you’re between 35 and 44 years old, one of the most common questions is:

“How much should I have saved for retirement by my 40s?”

According to Vanguard data:

• Average 401(k) balance (age 35–44): $103,552
• Median 401(k) balance (age 35–44): $39,958

The median shows that half of Americans in this age group have saved less than $39,958. The average is higher because it includes higher-earning savers with larger balances.

What this means for you

By your mid-30s to mid-40s, retirement should be a more intentional part of your financial plan. If your current balance is below the average, you’re not alone, but this is the time to take action and course-correct if needed.

Key questions to ask yourself:

• Will you have your mortgage paid off before retirement?
• Are you carrying credit card or student loan debt?
• Do you plan to live simply—or travel extensively in retirement?

Your 401(k) is just one piece of the puzzle. Your lifestyle, expenses, debt, and health care needs all play a role in how much you’ll need to retire comfortably.

How Quicken Simplifi can help you build a realistic plan

Quicken Simplifi helps you do more than track your 401(k). You can:

• Build a full retirement savings strategy based on your goals and target retirement age
• Simulate different scenarios, like early retirement or extra travel costs
• Track progress on paying down debt alongside saving and investing
• See your projected net worth at retirement with real-time updates

Whether you’re behind or right on track, Simplifi helps you take control of your next decade, without guesswork.

What is the average 401(K) account balance for your 40s or 50s?

If you’re between 45 and 54 years old, it’s normal to start asking:

“Am I on track for retirement?”

Here’s where the numbers stand:

• Average 401(k) balance (age 45–54): $188,643
• Median 401(k) balance (age 45–54): $67,796

That means half of Americans in this group have saved less than $67,796, while a few high-balance accounts pull the average much higher.

What to do if you feel behind

This is the decade where many people begin to refocus or accelerate their retirement strategy. If your balance feels lower than it should be, don’t panic, but do act.

Here are some smart next steps:

• Audit your budget to find areas where you can increase savings
• Max out 401(k) contributions, and take advantage of catch-up contributions (available starting at age 50)
• Consider additional savings in IRAs, brokerage accounts, or home equity
• Reduce debt to lower your monthly expenses in retirement

Even small increases in savings now can compound significantly over the next 10–20 years.

How Quicken Simplifi helps you catch up — and plan ahead

Quicken Simplifi gives you the visibility and control you need in your peak earning years. You can:

• Analyze your cash flow and identify where to boost retirement contributions
• Set up catch-up tracking for age 50+ limits on 401(k) or IRA plans
• View your entire financial picture, including investments, real estate, and debts
• Forecast your retirement readiness based on real numbers, not guesswork

If retirement is starting to feel more real, and a little urgent, Simplifi helps you make smarter moves today so you’re ready for tomorrow.

What’s the average 401(k) account balance for your 50s or 60s?

If you’re between 55 and 64, you’re likely asking:

“Do I have enough saved to retire soon?”

Here’s what the latest numbers show:

• Average 401(k) balance (age 55–64): $271,320
• Median 401(k) balance (age 55–64): $95,642

The median means that half of people in this group have saved less than $95,642: an amount that may fall short if 401(k) savings are your only retirement resource.

What these numbers mean for retirement readiness

Retirement often lasts 20 to 30 years, so if your savings feel low, you’re not alone, but you’ll need a clear plan to fill in the gaps.

Many people supplement their 401(k) with:

• Social Security benefits
• Pensions (if available)
• Home equity
• Other investments or side income

It’s also a good time to review healthcare costs, plan for possible long-term care, and consider when to start drawing Social Security (waiting longer increases your benefit).

How Quicken Simplifi helps you prepare for the transition

Quicken Simplifi can give you clarity as you approach one of the biggest financial transitions of your life. You can:

• See all your assets in one place, including retirement, brokerage, and property
• Model different retirement scenarios, like retiring at 62 vs. 67
• Track monthly spending habits to estimate post-retirement needs
• Identify funding gaps, so you can act now to close them

Whether you’re on track or playing catch-up, Simplifi gives you the tools to retire with confidence, not confusion.

What’s the average 401(k) account balance for ages 65+?

If you’re 65 or older, a common question is:

“How much should I have saved by retirement age—and how do I manage it from here?”

Here’s what the data shows for Americans over 65:

• Average 401(k) balance (age 65+): $299,442
• Median 401(k) balance (age 65+): $95,425

These figures can be misleading, though. Many retirees are already drawing down their balances, and required distributions change how those numbers look over time.

Understanding Required Minimum Distributions (RMDs)

Once you turn 73, IRS rules require you to start taking Required Minimum Distributions (RMDs) from your 401(k) and traditional IRAs. That means:

• Your account balance will decline each year, depending on withdrawals
• The amount you’re required to withdraw increases with age
• Failing to take RMDs can result in penalties

In other words, your 401(k) is now part of your income stream, not just a savings account.

What should I include in my retirement plan?

At this stage, income planning is just as important as savings totals. You may also rely on:

• Social Security benefits
• Pension payouts
• Home equity or downsizing
• Investments, annuities, or other income streams

And because healthcare expenses and lifestyle needs vary, it’s crucial to have a realistic, flexible plan that adapts over time.

How Quicken Simplifi helps you manage retirement income

Quicken Simplifi supports retirees by making it easier to track, adjust, and optimize your finances. You can:

• Monitor all income sources, including RMDs, Social Security, pensions, and investments
• Stay ahead of tax implications by tracking RMDs and planning withdrawals
• Manage spending and budgeting to align with your fixed income
• Forecast your net worth and cash flow as you age

Even in retirement, your financial plan needs attention. Simplifi helps you stay organized, proactive, and in control, so you can focus on enjoying the years ahead.

How can I predict my retirement savings?

Remember, the average retirement savings in a 401(k) is only one aspect of a balanced retirement plan. There are plenty of other factors that go well beyond the average account balance of your 401(k) to help you enjoy a comfortable retirement.

Retirement savings can include a 401(k), a traditional or Roth IRA, an emergency fund to protect you from having to take out high-interest loans, a pension plan, your own private brokerage account, and more.

So before you decide whether or not you’re happy with the savings in your 401(k), take stock of the 9 questions below in evaluating your retirement plan more holistically.

1. Do I really need an IRA if I already have a 401(k)?

Quick take: Maybe. An IRA adds additional savings, investment choices, and flexibility your workplace plan may not offer.

Why it matters: Traditional and Roth IRAs widen the highway for your dollars to grow: different withdrawal rules, extra contribution space, and usually a broader fund lineup.

How Simplifi helps: Link every account — 401(k), IRA, brokerage, HSA, even your home equity — and see one living, breathing net-worth total.

2. How much will Social Security actually cover?

Quick take: Roughly 30–40% of your pre-retirement paycheck. Plan to fund the rest yourself.

Why it matters: Benefits are based on your best 35 earning years and indexed for inflation, so knowing your estimate shows the gap your own savings must fill, especially for healthcare that Medicare won’t pick up.

Quicken Simplifi edge: Use Quicken’s retirement planner to look ahead at your potential retirement needs and craft a strategy to help you get there.

3. If I have a pension, does that change my savings target?

Quick take: Yes. Guaranteed pension income lowers the amount you’ll need to pull from investments.

Why it matters: Teachers, firefighters, military vets, and some corporate employees still earn pensions that can cover basics. Quantifying that check lets you dial in 401(k) and IRA contributions with precision.

With Simplifi: Quicken’s retirement planner lets you include different savings and income amounts to see how they can work together.

4. Should I count my brokerage account as retirement money?

Quick take: Absolutely. Taxable investments are your most flexible retirement bucket.

Why it matters: No contribution limits, no age-based penalties, a perfect bridge for early-retirement years or big splurges later on.

Simplifi angle: Connect all your brokerage and retirement accounts in Quicken so you can track everything together.

5. How big should my emergency savings be once I retire?

Quick take: Ideally, six to twelve months of essentials in cash.

Why it matters: A ready buffer keeps you from selling stocks in a downturn or swiping high-rate credit cards when the roof leaks.

Simplifi assist: Create an “Emergency Fund” goal, plan how much you can add to it each month, build those savings into your spending plan automatically, and track your progress.

6. Will lingering debt wreck my retirement plan?

Quick take: It can. Every dollar of interest is a dollar that can’t grow for you.

Why it matters: High-rate balances inflate the withdrawal rate your portfolio has to support. Slay them early to free up cash flow and reduce risk.

Simplifi boost: Connect all your loans and credit cards to track them all in one place and track your progress toward paying them down.

7. How do market returns and inflation reshape my goal posts?

Quick take: Higher returns accelerate your timeline; higher inflation stretches it. Stress-test both.

Why it matters: A single percentage point swing can equal hundreds of thousands over 30 years.

Simplifi solution: Run “what-if” projections in Quicken Simplifi’s retirement calculator with different growth and inflation rates to see the ripple effects in real time.

8. How much will I spend each year in retirement?

Quick take: Most retirees land between 70% and 90% of pre-retirement income, but lifestyle and location reign supreme.

Why it matters: A Manhattan apartment and worldwide travel cost more than staying put in the suburbs. Realistic numbers prevent shortfalls later.

Simplifi help: Try different retirement spending targets in Quicken Simplifi’s retirement planner to see how it affects the nest egg you’ll need.

9. How are retirement withdrawals taxed, and what can I do about it?

Quick take: Traditional withdrawals are taxed as income. Roth withdrawals are tax-free. Brokerage sales are taxed as capital gains or losses. Mixing strategies can lower your overall bill.

Why it matters: Smart timing (like Roth conversions in low-income years) can add years of longevity to your portfolio.

Using Simplifi: Connect all your retirement and investment accounts in Quicken and send reports to your financial advisor so they can get a quick, easy view of your complete financial picture.

What 9 smart moves will boost my retirement outlook?

No matter your age, or how much you’ve saved so far, it’s never too early or too late to improve your retirement outlook.

Many people wonder:
“How can I catch up on retirement savings?”
“What else should I be doing besides contributing to my 401(k)?”

The truth is, building a strong retirement isn’t just about hitting a single savings number. It’s about making smart, holistic decisions over time.

Below are 9 essential strategies that can help you stay on track (or get back on track) toward a retirement that works for you. From budgeting better to reducing debt, these tips apply whether you’re 25 or 65, and Quicken Simplifi can help you put each one into action.

1. Does starting to save early really move the needle?

Fast answer: Yes, time is the most potent growth engine you’ll ever harness.

Details: A 25-year-old investing $250 a month at 7% ends with about $640k by 65. Wait until 35 and the same habit barely tops $300k.

Quicken Simplifi assist: Connect your accounts, including your 401(k), IRA, or other retirement accounts, so you can track your progress. You can also set savings goals for things like a home down payment or an emergency fund to help build your financial security.

2. What’s the smartest way to wipe out high-interest debt while still saving?

Fast answer: Attack balances whose APR beats market returns, then redirect those freed-up dollars to investments.

Details: Paying off a 20% credit card is like earning a risk-free 20% return. Snowball or avalanche — pick a strategy and stick to it.

Quicken Simplifi edge: Connect your loans and credit cards in Quicken so you can keep track of your balances and pay them down over time.

3. Should my investment mix change as I get closer to retirement?

Fast answer: Usually. Gradually tilt from growth (stocks) toward preservation (bonds, cash) as your spending start date nears.

Details: A glide path reduces the risk of a market crash tanking your portfolio right before you need it.

Quicken Simplifi boost: Connect all your investment and retirement accounts so you can see your entire portfolio in one place, even across different financial institutions.

4. Am I turning down free money by skipping my employer’s 401(k) match?

Fast answer: Yes, grab every matching dollar before funding anything else.

Details: A 4% match on a $70k salary is $2,800 of instant, guaranteed return, better than any market timing trick.

Quicken Simplifi tip: How much can you afford to save for retirement? Simplifi automatically bases your spending plan on your actual take-home pay, not your gross income, so your retirement savings are built right into your monthly budget.

5. Do I need a financial advisor, or can I DIY?

Fast answer: DIY might work for simple cases, but a pro often saves more than they cost.

Details: Advisors can help you plan the best way to set up or convert your retirement accounts, manage your withdrawals, plan for your retirement needs, and much more.

Quicken Simplifi help: Export your financial reports or even share your account with your financial advisor so they can get a clear picture of your finances and give you advice tailored to your situation.

6. When should I start building passive income streams?

Fast answer: Ideally, start at least 5–10 years before retirement so new income sources can season while you’re still drawing a paycheck.

Details: Rental properties, dividend stocks, or a small side business can cover baseline expenses and let you delay Social Security for a bigger benefit.

Quicken Simplifi assist: Tag your passive income so you can track it all together. That makes it easy to how your passive income stacks up against your target retirement spending

7. How often should I rebalance my portfolio?

Fast answer: At least once a year, or when any major asset class drifts more than 5% from its target.

Details: Diversifying your portfolio is an important part of your investment journey. Be sure to stay on top of it and check in with your financial advisor regularly.

Quicken edge: Connect all your accounts to track all your investments and retirement accounts in one place. If you’re an active investor, consider Quicken Classic Premier.

8. What’s the easiest way to know if I’m on target to retire?

Fast answer: Run your numbers through a retirement calculator every year.

Details: Personal factors — pensions, location, part-time work — make rule-of-thumb ratios unreliable. A tailored projection is a far better GPS.

Quicken Simplifi boost: Quicken Simplifi has a retirement calculator built in. It uses your actual finances today to project your retirement picture and help you plan ahead.

9. How do I keep my financial plan organized without drowning in spreadsheets?

Fast answer: Use one hub where budgets, debts, goals, and investments live side by side.