Retirement Retirement Planning

How Much Should You Have in Your 401(k) at 62? The Average Balance Might Concern You

A look at where retirement savers typically stand compared to the usual benchmarks for this age.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Oct. 13, 2026

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If you're 62 and wondering whether your retirement savings measure up, you're not alone. It's one of those numbers that's hard to benchmark, since everyone's income, timeline, and plan look a little different.

Still, there are some widely used guideposts that can help you figure out where you stand and how to make the right moves, plus you can see the real data on what people are actually saving. Here's what the numbers show.

Editor's note: Figures come from Fidelity's Q4 2025 retirement analysis, with data as of December 31, 2025, and Fidelity's savings-by-age guideline. The balances cover plan participants of every age.

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So what's a typical retirement account actually worth these days?

Across all participants in Fidelity-administered workplace retirement plans, the average 401(k) balance was $146,400 as of December 31, 2025, according to Fidelity's Q4 2025 quarterly retirement analysis. The analysis covers 26,200 corporate defined contribution plans and 24.8 million participants across ages.

For comparison, the average IRA balance was $137,095 as of the same date, based on Fidelity's analysis of 18.9 million IRA accounts and counting only accountholders with a balance. And people who stayed in the same employer's 401(k) plan for five straight years through the end of 2025 had an average balance of $304,200.

Fidelity also reports that participants are, on average, saving at a combined rate of 14.2% of pay as of the end of 2025, made up of 9.5% from employees and 4.7% from employers.

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What's the benchmark for someone around 62?

Fidelity's savings-by-age guideline suggests having about 8 times your salary saved by age 60, climbing to about 10 times your salary by age 67, assuming you plan to retire at 67. Age 62 falls between those milestones, but the cited guideline does not specify a separate target for that age. These multiples apply to total retirement savings, not just your 401(k).

The guideline is expressed as a multiple of your own salary rather than a flat dollar figure, so there's no single dollar target to match against the $146,400 average.

Your planned retirement age moves the target, too. Fidelity's guideline calls for about 12 times your salary saved at the point you retire if you retire at 65, and about 8 times your salary if you wait until 70.

Why the average can sit above most balances

An average is the total divided by the number of accounts, so a relatively small number of very large balances can pull it up. A median is the midpoint instead: half of savers land above it and half below.

Every balance here is an average, including the $146,400 all-participant figure and the $304,200 figure for five-year savers. That's worth keeping in mind when you hold your own number up against a big round figure in the headlines.

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How five-year savers stack up against everyone else

Fidelity's Q4 2025 data gives an all-participant benchmark: the $146,400 average 401(k) balance spans savers of every age in Fidelity's corporate plans. The IRA average of $137,095 offers a similar all-accountholder comparison point, though it reflects a different pool of savers and a different account type.

Savers who stayed in the same employer's plan for five years running averaged $304,200, compared with that $146,400 all-participant average.

Steps to take if you're behind at 62

Pull up your most recent 401(k) or IRA statement and compare your balance to Fidelity's salary-multiple guideline for your age.
Ask your HR or benefits department whether your employer offers a matching contribution you aren't fully using.
Check what share of your pay is currently going into your plan, so you know where you stand today.
Track down old 401(k)s from former employers and consider consolidating them so your total is easier to follow.
Talk to a financial professional about whether your savings line up with your planned retirement age.

Bottom line

There's no single right number for a 401(k) at 62. Fidelity's total retirement savings milestones of 8 times salary by 60 and 10 times by 67 offer context, assuming retirement at 67. The all-participant average of $146,400 and the five-year saver average of $304,200 show how wide the range of balances can be.

For your personal retirement plan, rather than fixating on one average, look at your own salary, your own timeline, and the multiple that fits your planned retirement age.

FAQs

What if my savings don't match the benchmark?

Fidelity's guideline suggests saving at least 15% of your income each year, including any employer contribution, as a general target for people working toward retirement. That target assumes saving over a working lifetime; someone behind at 62 may need to save more, reduce planned retirement spending, or work longer.

How much should I plan to withdraw each year once I retire?

Fidelity's guideline suggests retirees withdraw no more than 4% to 5% of their savings yearly, with adjustments for inflation. The same guideline estimates that savings typically need to replace about 45% of your pretax, preretirement income if you retire at 67 with no pension income.

Does retiring earlier or later change how much I need saved?

Yes. Fidelity's guideline puts the total needed at the time you retire at about 12 times your salary if you retire at 65, compared with about 8 times your salary if you wait until 70.

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