The average 401(k) account balance for people in their 50s ranges from $199,900 to $592,285, depending on which retirement plan provider's data you look at. While everyone’s income levels, needs, and retirement goals are different, it can be helpful to know these benchmarks and compare them with your own savings to see if you are ahead of or behind other 401(k) plan participants your age.

People in their 50s are generally in the last full decade of work, given that 62 is the average retirement age in the U.S. If you're concerned about your retirement savings, now is the time to address any gaps between what you have socked away and your expected future needs.

Current Average🌠 401(k) Balances for 50-Year-Olds

The average 401(k) account balance varies significantly both by age and plan provider. Based on the la♌test available data from three of the largest retirement plan providers in the U.S., here are the average 401(k) account balances for plan participants in their 50s:

• Vanguard, in its How America Saves 2024 report (based on 2023 data), found that plan participants between the ages of 45 and 54 had an average 401(k) balance of $168,646, with a median balance of $60,763. Those in their late 50s to early 60s had somewhat higher balances, with an average of $244,750 and a median account size of $87,571.
• Empower reports that as of January 14, 2025, plan participants between the ages of 50 and 59 had average account balances of $592,285. The median balance was $252,850.
• Fidelity found that participants between 50 and 54 had account balances of $199,900 on average, while participants between 55 and 59 had $244,900. This account data is based on 26,700 plans and 24.5 million plan participants as of December 31, 2024.

Factors Influencing 401(k) Balances

Your 401(k) balance will depend on a number of factors, including:

• Contributions: How much you choose to defer from your paycheck each month will be a major factor in the account’s balance.
• Employer matching: Your employer may match your contributions, usually up to a salary percentage or dollar amount.
• Income: How much you earn will play a role in how much you can comfortably save.
• Time: The sooner you start contributing to your 401(k), the longer it has to grow and compound before retirement.
• Employment history: Periods of unemployment during your career or taking time off to raise children may affect your ability to build your retirement savings.
• Discipline: Making contributions on a regular basis, even if they’re small, can be a more effective method of saving than contributing sporadically. Automatic deferrals from your paycheck can help with this.
• Loans or hardship withdrawals: You may have the opportunity to take a loan or withdrawal from your 401(k) under certain circumstances. Anytime you draw down your account before retirement, you will impact its long-term growth potential.

Aside from how you choose to contribute and withdraw from the account, market conditions, stock performance within the account, and general economic conditions can all play a role in how your account balance grows (or declines) over time. 

Recommended Savings Targets by Age 50

How much you should have saved by age 50 will depend on factors like your financial situation, goals, expected sources of income, and needs in retirement. Whilಌe everyone’s savings goal will look a little different, there are some general guidelines to consider.

By age 50, Fidelity recommends having roughly six times your current income saved for retirement. By age 55, that number should increase to seven times, and rise to eight times by age 60. T. Rowe Price says that individuals at age 50 should have five times their current income saved for retirement, or seven times by the time they reach age 55.

Strategies for Catching Up on Retirem🌺ent Savings

According to several recent surveys and studies, there is a discrepancy between how much people have set aside for retirement and how much they think they need to retire comfortably. Vanguard’s How America Saves report found that the average size of a 401(k) across all ages is $134,128. Yet, in a Charles Schwab 401(k) Participant Study, Americans believe they need upwards of $1.8 million saved for retirement.

According to the 2025 Transamerica Retirement Survey, 69% of workers feel they could work right up to retirement and still not have saved enough to meet their needs. If you’re concerned about closing the gap between your existing savings and what you anticipate needing in retirement, here are a few strategies for catching up.

• Max out contributions: One of the simplest ways to 澳洲幸运5官方开奖结果体彩网:boost your retirement savings fast is to increase your 401(k) contributions to the annual limit—including any 澳洲幸运5官方开奖结果体彩网:catch-up contributions you may be eligible for if you’re 50 or older. Start now, and your maxed-out contributions, plus any 澳洲幸运5官方开奖结果体彩网:employer-matching contributions, have the potential to generate tens of thousands in additional retirement income. 
• Increase contributions to other retirement accounts: A 401(k) isn’t your only option for setting aside funds for retirement. An IRA works similarly, allowing you to make tax-deferred contributions up to the annual limit. A Roth IRA is also a great retirement savings tool, enabling participants to grow potentially tax-free income for retirement. If you do pursue a Roth IRA, check 澳洲幸运5官方开奖结果体彩网:income limits, as some 澳洲幸运5官方开奖结果体彩网:high earners are ineligible to participate. You can also grow your taxable brokerage account. This 澳洲幸运5官方开奖结果体彩网:type of account won’t have an annual contribution limit, nor does it limit when participants are able to take withdrawals.
• Consider your 澳洲幸运5官方开奖结果体彩网:home equity options. If you own your home, you could be sitting on a substantial amount of equity (especially given the recent rise in home values). You may want to consider leveraging your home’s equity to support your financial needs in retirement. This can be accomplished through strategies like a home equity line of credit (HELOC), a 澳洲幸运5官方开奖结果体彩网:home equity loan, or a 澳洲幸运5官方开奖结果体彩网:reverse mortgage. 

The Bottom Line

Your road to retirement will uniquely reflect your own needs and lifestyle goals, but it’s helpful to𝓀 know where you stand compared to others your age. With retirement right around the corner, now is the time to amp up your savings efforts and boost contributions where possible, especially if you haven’t yet reached the savings targets suggested by experts. If you’re already making the most of your 401(k), look into additional savings opportunities like traditional IRA🍨s, Roth IRAs, and your taxable brokerage account.