The Median Retirement Savings for Americans Age 65 and Older

This Is the Average 401(k) Balance for Retirees by Age

March 15, 2025 - A recent report by the Employee Benefit Research Institute (EBRI) and Greenwald & Associates has shed light on the average 401(k) balance for retirees across various age groups. The findings provide valuable insights for individuals planning their retirement and those looking to optimize their retirement savings.

According to the report, the average 401(k) balance for retirees varies significantly depending on age. For instance, retirees aged 65-69 have an average 401(k) balance of $143,000, while those aged 70-74 have an average balance of $123,000. The average balance for retirees aged 75-79 is $104,000, and for those aged 80 or older, it's $83,000.

The report also highlights the importance of starting early and consistently contributing to a 401(k) plan. For example, retirees aged 60-64 have an average balance of $143,000, which is significantly higher than those aged 55-59, who have an average balance of $93,000. This underscores the significance of starting early and taking advantage of compound interest to grow one's retirement savings.

The report also notes that women tend to have lower 401(k) balances than men, with an average balance of $83,000 compared to $123,000 for men. This highlights the need for women to prioritize retirement savings and take advantage of available resources and strategies to optimize their retirement readiness.

Overall, the report provides valuable insights for individuals planning their retirement and those looking to optimize their retirement savings. By understanding the average 401(k) balance for retirees by age, individuals can better plan and prepare for their golden years.