How Much Should You Have in Your 401(k) at 50? The Average Balance Might Concern You

By the time you reach the age of 50, retirement is right around the corner. What seemed so far away for so long is approaching fast.

That means it's probably time to check up on your retirement readiness and see where you stand compared to peers. Find out how much the average person in their 50s has tucked away in a 401(k), and learn what you can do to boost your own savings.

What is the average 401(k) balance at 50?

The average 401(k) balance for someone in their 50s is $629,000, according to financial services provider Empower.

Of course, if you have just turned 50, your balance may be a bit lower than someone who is in the latter half of their 50s and who has had more time to build a nest egg.

How the average balance compares to the median (and why it matters)

Is your own 401(k) balance much lower than the average for your age group? If so, don't panic. The average might not be a great representation of what people your age really have in their accounts.

The average 401(k) balance for people in their 50s includes even the richest people in that age bracket. Elon Musk, for example, can skew the average much higher. For that reason, the median balance can give you a better snapshot of how much money people your age really have.

The median is the midpoint between two numbers. By definition, half of the people in their 50s have more money than the median, and half have less. The median amount people in their 50s have saved in a 401(k) is $246,554.

The average 401(k) balance for other age groups

As you might expect, the average 401(k) balance tends to peak in a person's 50s. Not only have people this age been saving for decades, but they are likely still working and thus have not dipped into their retirement accounts.

Balances tend to decline when a person enters their 60s and starts drawing down their savings. Here is the average 401(k) balance by age group, according to Empower:

• 20s: $116,872
• 30s: $212,356
• 40s: $409,686
• 50s: $629,000
• 60s: $576,755
• 70s: $431,834
• 80s: $429,614

The median 401(k) balance for other age groups

As with the average, the median 401(k) balance is highest among people in their 50s. Here is the breakdown for the median balance among all age groups:

• 20s: $43,192
• 30s: $78,857
• 40s: $156,675
• 50s: $246,554
• 60s: $187,249
• 70s: $95,931
• 80s: $77,086

Do you have enough in your 401(k) to retire comfortably?

Once you turn 50, it's time to get serious about making sure your nest egg is big enough to support decades of retirement. Do you have enough in your 401(k) to retire comfortably?

There is no easy answer to this question. The right amount depends on your lifestyle, the cost of living where you reside, and other factors.

Some experts have developed a rule of thumb to help you discover whether you have enough saved. For example, Fidelity Investments suggests people have saved six times their income by age 50 before retiring. But in reality, there is no single number that works for everyone.

What to do if you're behind at 50?

If you are 50 and feel like you are behind in savings, know that there is still time to turn things around. By taking the right steps today and continuing to work for a decade or more, you can still accumulate enough to have the nest egg you need to get through your golden years.

Here are some things you can do to boost your savings.

Ask for a raise at work

Many of us are shy about asking for more money at our jobs. But if you've done good work for a company for many years, you've earned the right to ask for higher compensation.

Another benefit to getting a raise is that it could provide enough extra cash to allow you to make catch-up contributions to your 401(k) account.

In 2026, those who are 50 or older can make a catch-up contribution of $8,000 to a 401(k) plan. Those between the ages of 60 and 63 can contribute an extra $11,250 to a 401(k).

Look for extra sources of income

Developing a side hustle or applying for a part-time job can provide you with a quick burst of extra take-home pay. Another way to boost your income could be to purchase a rental property that could put a monthly rent check in your coffers.

Whatever approach you try, consider putting the money into savings or investments instead of spending it right away.

Get rid of debt

Debt can be a major drain on your finances. This is especially true if the debt comes with a high interest rate.

Try to eliminate debt as quickly as you can. Once you have done so, be extra vigilant about not accumulating new debts. If you learn from past mistakes, the future will look much brighter.

Bottom line

Have you recently checked where you stand financially? If you've turned 50, now is the time to closely monitor your retirement savings so you can ensure your nest egg will carry you through your golden years.

If your 401(k) balance is below the average or median for people your age, consider taking steps to quickly increase your savings rate. There is still enough time between now and retirement to build enough savings to see you through decades of retirement.