Here's the Average 401(k) Balance of 78-Year-Old Americans (How Do You Compare?)

If you're 78 and wondering how your retirement savings compare, there's a slight hiccup. National averages track people by decade, not by individual year. That means the closest benchmark available covers Americans in their 70s as a whole,   and the gap between average and median tells a more nuanced story than a single number might suggest.

A 401(k) is also rarely the only income source at 78. When you look at average retirement savings by age, Social Security, pension income, and other savings all play a role, and can vary considerably per person. Knowing what your retirement savings look like, including your 401(k), can help you avoid making money mistakes. Here's what the full picture typically looks like.

Editor's note: All 401(k) balance data comes from Empower.

The average 401(k) balance for Americans in their 70s

Americans in their 70s have an average 401(k) balance of $439,604 and a median of $98,076, according to Empower. These figures reflect 401(k) accounts only, not IRAs, brokerage accounts, pension income, or Social Security, so total retirement wealth for this age group is typically higher. The two figures also tell very different stories about how savings are distributed across the group.

Why the average and median look so different

The average 401(k) balance gets pulled upward by a relatively small number of retirees with very large accounts. Someone with $2 million in a 401(k) raises the average for the entire group, even if most people in their 70s have far less. The median, $98,076, is the midpoint. Half of 70-somethings with a 401(k) are above it, and half are below.

Why balances can still grow after retirement

Market returns don't stop just because you stop working. Retirees who draw less from their 401(k) than their account earns from investment growth can see their balance hold steady or even rise. That's part of why the average balance for people in their 70s is higher than many expect. Those with other income sources, like Social Security or a pension, often don't need to tap the account heavily.

RMDs begin at age 73

The IRS requires annual minimum withdrawals from traditional 401(k)s and IRAs once you reach age 73. These required minimum distributions, or RMDs, are calculated using your prior year-end account balance and a life expectancy factor the IRS sets.

Roth 401(k)s are an exception. Beginning in 2024, the IRS no longer requires RMDs from Roth 401(k) accounts while the original account owner is still alive, though traditional accounts remain subject to the rules.

The percentage you must withdraw increases each year. Missing an RMD triggers a 25% penalty on the shortfall, reduced to 10% if corrected within two years.

Social Security provides a steady income foundation

The average retired worker received about $2,084.40 per month from Social Security in June 2026, or roughly $25,000 per year. For most 78-year-olds, that's the foundation their other savings supplement, not the other way around.

Social Security benefits are also adjusted annually for inflation, via a cost of living adjustment, or COLA, which helps preserve buying power in a way a fixed 401(k) balance doesn't automatically do.

About one in three retirees has pension income

About one in three older adults receives income from a pension, whether from a private employer, a government job, or a union. For those retirees, the 401(k) is a supplemental account rather than the primary one.

The median pension benefit for adults 65 and older was $16,460 a year in 2024. That steady income layer can significantly ease the pressure on 401(k) withdrawals.

Your total retirement income matters more

No one single account balance determines financial security in retirement. A 78-year-old with $80,000 in a 401(k), a $1,900 monthly Social Security check, and a pension can be in a far more comfortable position than someone with $500,000 in savings and no guaranteed income stream. What matters is whether your combined income from all sources covers what you actually spend each month.

Bottom line

The $439,604 401(k) average balance should be taken with a grain of salt, so don't panic when you read that number and then compare your own balance. The actual average for all Americans in their 70s is likely lower, which makes the median of $98,076 a more realistic reference point for most people.

The broader retirement research shows why having any private income beyond Social Security matters. Among retirees with no income from pensions or investments, about 54% reported they were relatively comfortable, well below the share who had some private income in addition to Social Security. Even a modest 401(k) producing a few hundred dollars a month can move someone from that more financially exposed group and make their retirement plan a more comfortable one.

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