Retirement Retirement Planning

Here's the Average 401(k) Balance for Americans in Their 60s (How Do You Compare?)

See how your 401(k) stacks up against other people in their 60s.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Aug. 30, 2026

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Once you hit your 60s, a 401(k) stops being a line item and starts being a paycheck. Some people are still stuffing their retirement plan with cash. However, many people have already started withdrawing money.

Still, many Americans want to know where they stand financially so they can see if they're on track for retirement.

Here's the average 401(k) balance for Americans in their 60s, and what to do with that number if it makes you uneasy about retirement.

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What is the average 401(k) balance for people in their 60s?

Fidelity's latest plan data puts the average 401(k) by age at $257,400 for ages 60 to 64 and $258,800 for ages 65 to 69. Baby boomers as a whole sit at an average of $260,300 in their 401(k)s and $286,700 in their IRAs.

Fidelity's age bands only count people still in those corporate plans. Roll an old 401(k) into an IRA, and you drop out of the 401(k) average. That's one reason the IRA number runs higher.

Still, those numbers will make a lot of 60-year-olds feel worse than they should, and there's a reason why.

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The median tells a more honest story than the average

The average takes into account the high-net-worth individuals who drive everything up, and the data back this up.

Vanguard's How America Saves 2026 report, which covered 4.6 million defined contribution participants at year-end 2025, put the average at $305,006 for ages 55 to 64, and the median at $107,269. For ages 65 and older, the average was $330,186, and the median was $103,202.

That means half of those aged 55 and older have less than roughly $100,000 in their plans. The average is roughly three times that, because a handful of huge accounts pull it up.

If your 401(k) is closer to $100,000 than $300,000, you are in the middle of the pack, and that's fine.

Considering that 43% of non-retired Americans have no retirement savings at all, if you're around the median, you're in a good place in terms of retirement planning.

How those 401(k) numbers compare to common benchmarks

Fidelity's guideline is 8 times your salary by 60 and 10 times by 67. On a $75,000 income, that's $600,000 at 60 and $750,000 at 67. Those targets cover all retirement savings, not just the 401(k).

Fidelity also suggests saving 15% of income each year, including any employer match, and treating a 4% to 5% annual withdrawal as a starting point. At a 4% withdrawal rate, an $100,000 balance yields about $4,000 per year. A $257,400 balance yields around $10,300.

The average Social Security retirement benefit in January 2026 was $2,071 a month, or about $24,850 a year. For many households, the 401(k) is the bridge between that paycheck and the life they want.

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Why 401(k) balances stop climbing in your 60s

Looking at Fidelity's age bands, you'll notice something odd shows up. The average for ages 55 to 59 is $260,800. Then it dips to $257,400 for ages 60 to 64.

The reason for this is that people are starting to leave full-time work, while some are starting to draw down their accounts. RMDs don't start until age 73 for most tax-deferred 401(k)s and traditional IRAs, so the early-60s dip is mostly due to choice and job changes. With no more steady job income, Americans in that age bracket rely on their retirement withdrawals to cover the Social Security gap.

How to grow a 401(k) if you're already in your 60s

The 2026 IRS employee 401(k) contribution limit is $24,500. If you're 50 or older, you can add an $8,000 catch-up. If you're between 60 and 63 in 2026, you can make a "super" catch-up of $11,250. That's $35,750 from you in one year, plus any employer contribution, up to the $72,000 combined limit. The IRA limit is $7,500, plus a $1,100 catch-up if you're 50 or older.

Four years of maxing the super catch-up is $143,000 of new contributions before any match or market return. That sounds like a lot, but it's very doable if you commit to maxing out your contributions.

Every extra year you work is a year you are not withdrawing, plus a year you can still contribute. Fidelity's target drops from 12 times income if you retire at 65, to 10 times at 67, to 8 times at 70. Throw in the more money you get from delaying taking Social Security, and working a few extra years will get you well above the median for your age bracket.

Bottom line

If your 401(k) is near $100,000, you match the median for someone in their 60s. If you're near $257,000, you match the average, which would put you well above most Americans in your age bracket. Either way, that account is only one piece of a retirement plan.

It's also worth looking into whether you left any money at a previous job. Capitalize and the Center for Retirement Research at Boston College estimated that roughly $2.1 trillion is in 31.9 million forgotten 401(k) accounts as of 2025.

The Labor Department's Retirement Savings Lost and Found, which launched at the end of 2024, lets you search plans tied to your Social Security number. About 29.5% who used it in 2025 found an old 401(k), pension, or other workplace retirement plan. It only takes a few minutes and covers private-sector plans for people 65 and older. Adding an old plan to your overall portfolio makes up for years of contributions.

FAQs

Should you still contribute to a 401(k) after age 60?

If you're still working and have room in your budget, continuing to contribute can help build your retirement savings and potentially provide tax advantages. An employer match can make contributing especially worthwhile.

Should you pay off debt or contribute more to your 401(k) in your 60s?

The answer can depend on the type of debt and its interest rate. High-interest debt may deserve more immediate attention, while contributing enough to receive an employer 401(k) match could still be a priority.

What happens to your 401(k) when you retire?

You generally have several choices, including leaving the money in your former employer's plan, rolling it into an IRA or another eligible retirement plan, or taking withdrawals. Each option can have different fees, investment choices, and tax consequences.

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