Age 50 and Planning for Retirement? Check Your 401(k) Balance Against the Average

The average 401(k) account balance for people in their 50s ranges from $188,643 to $635,320, depending on which retirement plan provider’s data you look at. Though circumstances vary, these benchmarks can help show where you stand.

People in their 50s are generally in the last full decade of work, given that 62 is the average retirement age in the U.S. If you’re concerned about your retirement savings, now is the time to address any gaps between what you have socked away and your expected future needs.

Current Average 401(k) Balances for 50-Year-Olds

The average 401(k) account balance varies significantly both by age and plan provider:

• Vanguard’s 2025 data found that plan participants between the ages of 45 and 54 had an average 401(k) balance of $188,643, with a median balance of $67,796. Those in their late 50s to early 60s had somewhat higher balances, with an average of $271,320 and a median account size of $95,642.
• Empower reports that as of October 2025, plan participants in their 50s had average account balances of $635,320. The median balance was $253,454.
• Fidelity’s analysis found that the average 401(k) balance across all participants was $144,400 as Sept. 30, 2025, a record high.

Factors Influencing 401(k) Balances

Your 401(k) balance will depend on a number of factors:

• Contributions: How much you choose to defer from your paycheck each month will be a major factor in the account’s balance.
• Employer matching: Your employer may match your contributions, usually up to a salary percentage or dollar amount.
• Income: How much you earn will play a role in how much you can comfortably save.
• Time: The sooner you start contributing to your 401(k), the longer it has to grow and compound before retirement.
• Employment history: Periods of unemployment during your career or taking time off to raise children may affect your ability to build your retirement savings.
• Discipline: Making contributions on a regular basis, even if they’re small, can be a more effective method of saving than contributing sporadically. Automatic deferrals from your paycheck can help with this.
• Loans or hardship withdrawals: You may have the opportunity to take a loan or withdrawal from your 401(k) under certain circumstances. Anytime you draw down your account before retirement, you will impact its long-term growth potential.

Aside from how you choose to contribute and withdraw from the account, market conditions, stock performance within the account, and general economic conditions can all play a role in how your account balance grows (or declines) over time. 

Recommended Savings Targets by Age 50

By age 50, Fidelity recommends having about six times your current income saved for retirement. By age 55, that number should increase to seven times, and rise to eight times by age 60.

T. Rowe Price says that individuals at age 50 should have five times their current income saved for retirement, or seven times by the time they reach age 55.

Strategies for Catching Up on Retirement Savings

Vanguard’s How America Saves 2025 report found that the average size of a 401(k) across all ages is $148,153. Yet, in Charles Schwab’s 2025 Workplace Plan Participant Survey, Americans say they need about $1.6 million saved for retirement, down from $1.8 million in the 2024 survey.

According to the 2025 Transamerica Retirement Survey, 69% of workers feel they could work right up to retirement and still not have saved enough to meet their needs. If you’re concerned about closing the gap between your savings and what you’ll need in retirement, here are a few strategies for catching up.

• Max out contributions: Increase your 401(k) contributions to the annual limit, including any catch-up contributions you may be eligible for.
• Increase contributions to other retirement accounts: A 401(k) isn’t your only option for setting aside funds for retirement. An IRA works similarly, allowing you to make tax-deferred contributions up to the annual limit. A Roth IRA is also a great retirement savings tool, enabling participants to grow potentially tax-free income for retirement. If you do pursue a Roth IRA, check income limits, as some high earners are ineligible to contribute. You can also grow your taxable brokerage account. These accounts have no contribution limits or withdrawal restrictions.
• Consider your home equity options. If you own your home, you could be sitting on a substantial amount of equity (especially given the recent rise in home values). You may want to consider leveraging your home’s equity to support your financial needs in retirement. This can be accomplished through strategies like a home equity line of credit (HELOC), a home equity loan, or a reverse mortgage. 

The Bottom Line

It’s helpful to know where you stand compared to others your age. With retirement right around the corner, now is the time to amp up your savings efforts and boost contributions where possible, especially if you haven’t yet reached the savings targets suggested by experts. If you’re already making the most of your 401(k), consider traditional IRAs, Roth IRAs, and your taxable brokerage account.