Retirement Retirement Planning

Here's the Average 401(k) Balance of 64-Year-Old Americans (How Do You Compare?)

See where your 401(k) stands at 64, and what to do if you're behind.

By Tobi Amure, CFEI® , Edited by Esther Carlstone

Updated March 28, 2026

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At 64, is your 401(k) on track? Comparing your balance with others your age can reveal gaps in your savings, help you check your retirement readiness, and confirm whether your retirement funds are where they need to be at this stage.

Below, we cover the average 401(k) balance at 64, how much you should aim to have saved, why the majority of people fall short, and what you can still do to strengthen your retirement plan.

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The average and median 401(k) balance for a typical 64-year-old

According to Vanguard, workers between the ages of 55 and 64 have an average 401(k) balance of approximately $271,320. The median balance is closer to $95,642, indicating that many individuals save far less.

Big 401(k) balances at the top can pull the average number higher, which makes it look like everyone has more saved than they really do. That's why it's usually more helpful to compare your savings to the median balance instead, since it shows what the typical saver your age has. What is even more important is whether your retirement lifestyle can be sustained using your savings, Social Security, and other income sources.

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How much you should have saved by age 64

Many experts recommend having approximately eight to 10 times your income in retirement savings by your mid-60s. For instance, an individual with an annual income of $70,000 should target around $560,000 to $700,000 in total retirement savings by age 64.

The right savings target depends on your expected expenses, pension, and Social Security income — and factors like health, life expectancy, and whether you plan to work part-time. Rather than chasing a single number, a written retirement plan or online calculator can give you a more accurate picture of your monthly income in retirement.

Reasons people may be behind in savings by age 64

Many 64-year-olds feel behind on retirement savings, and for understandable reasons. Career breaks, layoffs, caregiving responsibilities, or years of reduced income can all limit how much you're able to set aside. High-interest debt or rising housing and health care costs may have pushed retirement savings down the priority list during your peak earning years.

Market downturns can also reduce balances when they require the most growth — especially if you sold during periods of volatility. Some savers stayed too conservative for too long, leaving their money vulnerable to inflation. Others took early withdrawals or loans from their accounts, losing years of compounded growth that could have significantly boosted their balance by now.

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Steps to make sure you've saved enough by 64

Despite being 64, there are still moves that you can make before and during retirement. Follow these steps to help boost your retirement savings in your final working years:

Increase how much you save while you're still working

Assuming that you are still working, push your contribution rate a little higher, by at least one or two percentage points. Aim to get your maximum employer contribution, as it is effectively free money you cannot afford to forgo. Whenever you receive a promotion or settle a bill, put some or all of those additional funds into your 401(k).

Use catch-up contributions in your early and mid‑60s

As of 2026, you can make super-sized 401(k) catch-up contributions up to $11,250 a year when you're 60, 61, 62, and 63. Once you hit 64 and older, that limit drops to $8,000 — but either way, those extra dollars hit harder when you're in your early 60s, where a larger balance means compounding has more to work with.

Even if you're not able to max out, adding something additional every year can make your retirement plan more robust overall.

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Check your investment mix and rebalance if needed

Your investments at 64 should be a mix of long-run gains and a cushion against the sudden short-run losses. If your account is too conservative, it may not keep up with inflation over a long retirement.

On the other hand, if it's too aggressive, a market decline just before or after retirement may force you to sell at lower prices.

Your 401(k) doesn't have to shoulder the full retirement burden, so consider how it fits alongside Social Security and any other retirement income you have. For instance, deferring Social Security can boost your monthly benefit, but it may require larger 401(k) withdrawals in the meantime.

Claiming earlier can ease the pressure on your savings, while delaying could allow your investments more time to grow — so the right choice depends on your overall strategy.

Consider working a bit longer or part-time

Working one or two additional years can make a bigger difference than you might expect. You'll have more time to save, fewer retirement years to fund, and potentially a larger Social Security check.

If full-time work isn't appealing, part-time or flexible work in early retirement can help cover expenses while giving your savings more time to grow.

Bottom line

What matters most isn't how your balance compares to others — it's whether your savings, Social Security, and any other income can cover your needs and the retirement you've been looking forward to.

If your numbers aren't where you want them to be, you still have levers to pull. Maxing out catch-up contributions, adjusting your investments, and planning your withdrawals strategically can all help protect your nest egg and ensure you're making the right money moves to secure your future.

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