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How Much Should You Have in Your 401(k) at 70? The Average Balance Might Concern You

Find out how you compare to peers, and whether you should be concerned.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Aug. 10, 2026

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By the time you turn 70, it is likely that you will have retired. About 83% of Americans between the ages of 70 and 74 are retired, according to a Gallup poll.

How much should you have in your 401(k) by the time you reach that age? Find out how much a typical 70-year-old has in their nest egg and learn tips to improve your finances and overall retirement plan.

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What is the average 401(k) balance for a 70-year-old?

The typical 70-year-old has close to a few hundred thousand dollars saved in a 401(k) plan.

The most recent Vanguard Investments "How America Saves" report says the average balance for the 65-and-older group is $330,186.

Meanwhile, Fidelity Investments says that for those who are 70 and older, the average amount in a 401(k) is close to $264,500.

It is important to note that the richest 70-year-olds in the country skew these "average" figures much higher. For that reason, "average" might not be the best comparison point as you try to gauge where you stand.

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What is the median 401(k) balance for a 70-year-old?

By contrast to the average, the median simply represents the middle point in a data set. In other words, half the values are above the median and half are below.

This means the median can give you a more realistic picture of where your 401(k) savings should be by the time you reach 70.

According to Vanguard, the median balance in these accounts for those who are 65 or older is $103,202.

Why do 401(k) balances continue to grow over time?

One would think that average and median balances would fall by the time retirees reach their 70s. After all, many of these seniors regularly make withdrawals from their retirement accounts.

However, many retirees continue to invest in the stock market during their golden years, and they may spend less as they age. These factors can allow balances to continue to grow over time.

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Finding the right target for your 401(k) balance

At the end of the day, there is no single "correct" amount that you should save by the time you reach 70. Your own financial wants and needs will determine the right figure for you.

However, Fidelity has long suggested its own rule of thumb for how much to save. According to Fidelity, you should accumulate eight times your income by age 60 and 10 times your income by the age of 67.

Remember, these targets include all of your savings, not just what you have tucked away in a 401(k) plan.

In addition, most retirees will be eligible to collect Social Security benefits, which should help you make ends meet during your golden years. And you may have a pension, home equity, or other assets that will boost your spending power.

How to boost your retirement savings

By the time you reach 70, you should have a good-sized nest egg that you can turn to when you need cash.

But if you haven't accumulated as much as you need, know that there are still things you can do to turn your situation around.

Here are some tips for boosting your retirement savings late in life.

Take advantage of catch-up contributions

If you are still working, making catch-up contributions to a retirement account might be the single best way to quickly boost the size of your nest egg.

The federal government allows workers who are 50 and older to make extra-large contributions to tax-advantaged retirement accounts.

Workers in this age group can contribute an extra $8,000 to a 401(k) and an extra $1,100 to an IRA.

If you are between the ages of 60 and 63, you can make an additional catch-up contribution of $11,250 to your 401(k).

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Find a part-time job or develop a side hustle

You can also super-charge your retirement savings by tapping into new streams of income.

For example, taking on a part-time job or side hustle can provide the extra funding you need to bring your savings up to speed.

Remember, this money should be earmarked for long-term savings, not fun splurges.

Delay filing for Social Security

If you are approaching 70 but haven't quite gotten there yet, consider delaying filing for Social Security. The longer you wait to file, until age 70, the bigger your monthly benefit will be.

For example, if you were born in 1960 or later and claim at 62, your monthly benefit will be reduced by 30% compared to those who claim at 67. That age is also known as full retirement age (FRA).

In addition, for each year you delay filing for benefits between 67 and 70, your monthly payout increases by 8%.

If you are already 70, don't delay filing any longer. There is no benefit to waiting to file beyond age 70.

Cut unnecessary expenses

We live in an age of abundance, when it is easy to confuse "wants" with "needs." That bad habit can prove costly to efforts to save.

Take a hard look at your budget and identify the things you buy, but don't really need.

Perhaps you eat out too often or buy brand-name goods when generics will do. Or maybe you have streaming subscriptions you never use.

Take the money you save and earmark it for your savings account.

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Bottom line

If you are 70 and have a small nest egg, you don't have to throw up your hands in despair. There are plenty of things you can do to boost your bottom line.

So, take an honest look at where you stand financially. Then, employ whatever steps are necessary to shore up your finances so you can enjoy a more secure retirement.

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