What does the average 401(k) balance by age mean?

“What the (average 401 (k) balances by age) tells us is investors are not saving enough to afford a comfortable retirement,” said Anthony Ogorek, president and founder of Ogorek Wealth Management. Let’s also look at average 401 (k) balances by age band, which shows how much account holders have saved during each decade of their life.

What is the average 401(k) balance for men?

For men, that age is 55. Average 401 (k) balance: $168,646 Median 401 (k) balance: $60,763 This group has hit the age at which catch-up contributions begin to be allowed by the IRS: Participants age 50 and older can contribute up to $8,000 in 2024

How much does a 401(k) balance go up?

Here’s how to roll over an old 401 (k) Average 401 (k) balance: $91,281 Median 401 (k) balance: $35,537 Another solid jump by this age range, with both figures more than doubling — the last time we’ll see a percentage jump that large between age ranges. That’s likely at least partially a product of peak earning years.