Retirement Retirement Planning

How Much Should You Have in Your 401(k) at 63? The Average Balance Might Concern You

Here's how to size up your retirement savings against workers near retirement age and the benchmark one big provider suggests.

By Josh Koebert , Edited by Laura Hohenstein

Updated Nov. 9, 2026

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If you're 63, retirement probably feels close enough to touch. That makes it a natural time to wonder how your 401(k) stacks up against other savers your age.

Let's look at where workers near retirement actually stand and what that means for your own number, so you can see how your retirement savings stack up.

Editor's note: Figures come from Vanguard's How America Saves 2026 report, covering year-end 2025 balances. Vanguard groups ages 55 to 64 together, so that range stands in for age 63.

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So what's the average 401(k) balance for people around 63?

Among Vanguard defined contribution plan participants ages 55 to 64, the average account balance was $305,006 at the end of 2025, according to Vanguard's How America Saves 2026 report. The median balance for that same age group, meaning half of savers had more and half had less, was $107,269.

These figures only count what's sitting in a 401(k) or similar workplace plan that Vanguard administers. They're the balance in that one employer's plan, not someone's lifetime savings, and they only cover people who actually have an account.

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How does that compare to what Fidelity says you should have?

Fidelity's retirement guideline doesn't give a dollar target. Instead, it suggests saving a multiple of your salary by certain ages, assuming you save 15% of your income annually starting at age 25 and retire at 67.

By age 60, Fidelity suggests having about 8 times your salary saved, and by age 67 that milestone rises to 10 times your salary. For someone retiring at 65, Fidelity says you'd want a total of about 12 times your pre-retirement income by the time you stop working, while someone retiring at 70 would want about 8 times their income.

Since the benchmark is based on salary rather than a flat dollar figure, the same balance could land above or below the target depending on what you earn. These milestones refer to total retirement savings, not just one 401(k), and Fidelity doesn't give a separate target for age 63.

Why the average and median tell two different stories

Look at how far apart the two numbers are for the 55 to 64 group: a $305,006 average versus a $107,269 median.

When the average sits well above the median, it generally means a smaller group of savers with very large balances is pulling the average up, while the typical saver has considerably less. The median, since it represents the middle of the pack, usually gives a more realistic picture of where a typical saver in the 55-to-64 group actually stands.

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How 63-year-olds stack up against younger and older savers

Vanguard participants ages 45 to 54 had an average 401(k) balance of $214,991 and a median of $78,730 at the end of 2025, both lower than the 55 to 64 group. Participants 65 and older had a higher average of $330,186, with a median of $103,202.

Looking at all Vanguard participants regardless of age, the average balance was $167,970, and the median was $44,115. In every one of these age groups, the average sits above the median.

How catch-up contributions work at 63

For 2026, the IRS lets workers defer up to $24,500 into a 401(k). Savers 50 and older can add an $8,000 catch-up contribution, but those ages 60 to 63 get a higher catch-up limit of $11,250 instead, for a potential total of $35,750 for the year. Your plan has to offer catch-up contributions for you to use them. Eligibility is based on your age at the end of the calendar year.

Age 63 is the last year for the higher limit. The year you turn 64, the catch-up goes back to the standard amount for savers 50 and older.

There's also a new rule for higher earners. Starting in 2026, if you earned more than $150,000 in 2025 Social Security wages from the employer that sponsors your plan, any catch-up contributions to that plan generally have to go in as Roth (after-tax) contributions.

How to catch up on your 401(k) savings

Ask your plan administrator whether your 401(k) offers catch-up contributions for your age.
Review your investment mix to make sure it still matches how many years you have left before retirement.
Track down any old workplace accounts from past employers so you can see your full picture in one place.
Talk to a financial professional about how your savings line up with your own retirement timeline and expenses.

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Bottom line

The average 401(k) balance for Vanguard participants ages 55 to 64 was $305,006 at the end of 2025, while the median was $107,269. Fidelity's guideline suggests having about 8 times your salary saved by 60 and 10 times by 67, and that target depends on your own income and retirement timeline. If you're 63, this is also your last year for the higher catch-up limit, and a few smart money moves could help you set yourself up for retirement.

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