When it comes to our retirement nest egg, we can’t help but wonder where we stand compared to our cohorts.
While Vanguard’s newly released “How America Saves” yearly report reveals that Americans’ 401(k) savings rates are at record highs — making up an average $148,153 balance and a median $38,176 balance, in 2024 — this is how Vanguard participants’ balances shake out by age group.
Below are the average and median account balances broken up by age groups, according to the Vanguard report. You’ll see that the averages are much higher than the median figures since averages are skewed by the few large balance accounts. For this reason, the median numbers give a better sense of what most people have actually saved.
Naturally, the older you get, the more money you likely have sitting in your 401(k); you’ve had more years to contribute to the fund and thus more money to grow over time. Once you hit retirement, though, your balance may start tapering off as you draw from your 401(k). We see this happen slightly in the median 401(k) balance column when going from the 55-to-64 age group ($95,642 median balance) to the 65+ age group ($95,425 median balance).
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Author: Marty Kaufmann
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