Check Out Average 401(k) Balances by Age, Income Level, and Industry
What’s the average 401(k) balance by age? By income level? By industry? See how your retirement savings compare to these benchmarks.
May 11 2021, Published 3:07 p.m. ET
So, you know you should be saving for retirement, but how much do people in your age group have in their 401(k)? And for that matter, how much do people of your income level have tucked away for their retirement? What about people in your industry—what have they saved up for their golden years?
The investment management company Vanguard has offered data on average 401(k) balances by age, by income level, and by industry.
Of course, these are just averages, everyone’s financial position is different, and everyone has different retirement goals. As Atlanta-based certified financial planner Patrick King told U.S. News & World Report, some people dream of a lavish retirement, and some people are aiming for a more modest existence. “The amounts they will need to save will vary greatly … If you’re having a hard time deciding what retirement [savings rate] is realistic for you, start by saving 10% of your income,” King added.
Here’s the average 401(k) balance by age, according to Vanguard.
Couple meeting with advisor
That same November 2020 U.S. News & World Report article listed average 401(k) balances by age group, citing data from Vanguard.
Under age 25
Average account balance: $5,419
Average contribution rate: 4.7 percent
Age 25 to 34
Average account balance: $26,839
Average contribution rate: 6.1 percent
Age 35 to 44
Average account balance: $72,578
Average contribution rate: 6.6 percent
Age 45 to 54
Average account balance: $135,777
Average contribution rate: 7.3 percent
Age 55 to 64
Average account balance: $197,322
Average contribution rate: 8.5 percent
Age 65 and over
Average account balance: $216,720
Average contribution rate: 9 percent
Here’s the average 401(k) balance by income level.
Business Insider listed 401(k) averages by income level in March 2021, also citing Vanguard data.
Less than $15,000
Average 401(k) balance: $8,260
Median 401(k) balance: $1,356
$15,000 to $29,999
Average 401(k) balance: $13,069
Median 401(k) balance: $4,020
$30,000 to $49,999
Average 401(k) balance: $29,740
Median 401(k) balance: $10,439
$50,000 to $74,999
Average 401(k) balance: $66,033
Median 401(k) balance: $27,630
$75,000 to $99,999
Average 401(k) balance: $113,143
Median 401(k) balance: $54,020
$100,000 to $149,999
Average 401(k) balance: $177,597
Median 401(k) balance: $91,470
$150,000 and above
Average 401(k) balance: $298,851
Median 401(k) balance: $154,989
Here’s the average 401(k) balance by industry.
Business Insider also used Vanguard data to list 401(k) averages by industry, with agriculture, mining, and construction at the top of the list. The site noted that employers in certain industries might be likelier to offer retirement-savings matches.
Agriculture, mining, construction
Average 401(k) balance: $161,065
Median 401(k) balance: $39,869
Finance, insurance, real estate
Average 401(k) balance: $128,864
Median 401(k) balance: $33,390
Business, professional, nonprofit
Average 401(k) balance: $127,647
Median 401(k) balance: $28,830
Manufacturing
Average 401(k) balance: $123,843
Median 401(k) balance: $36,639
Transportation, utilities, communications
Average 401(k) balance: $95,476
Median 401(k) balance: $23,518
Media, entertainment, leisure
Average 401(k) balance: $88,636
Median 401(k) balance: $23,924
Education and health
Average 401(k) balance: $81,374
Median 401(k) balance: $19,589
Wholesale, retail
Average 401(k) balance: $71,795
Median 401(k) balance: $13,089
