Do you ever wonder how the amount you're putting away in your 401(k) measures up to what others have stashed? Fidelity Investments, which holds 16.2 million 401(k) accounts, put out the average and median numbers, both overall and broken down into age groups. While knowing what other people are doing may satisfy your curiosity, knowing what is going to keep you comfortable is a lot more useful. While "your number" needs to take into account your cost of living and standard of living, Financial Samurai put together a recommended range for age groups that could be used as a guideline.
These numbers are as of Fidelity's September 2018 report. Keep in mind, as people age and change jobs, they are more likely to have more than one retirement account, so Fidelity's balances may not represent all of their savings.
Out of Fidelity's 16.2 million 401(k) account holders, the average balance is $106,500. The median balance is $24,800.
Ages 20-29
Average 401(k) balance: $11,600
Median 401(k) balance: $4,000
Fidelity recommendation: Aim for a retirement balance equal to between half and all of your annual salary by age 30.
Financial Samurai recommendation: By age 30, savers should have between $100,000 and $300,000 in their 401(k)
Ages 30-39
Average 401(k) balance: $43,600
Median 401(k) balance: $16,500
Financial Samurai recommendation: By age 40, savers should have between $250,000 and $1,000,000 in their 401(k)
Ages 40-49
Average 401(k) balance: $106,200
Median 401(k) balance: $36,900
Financial Samurai recommendation: By age 50, savers should have between $600,000 and $2,250,000 in their 401(k)
Ages 50-59
Average 401(k) balance: $179,100
Median 401(k) balance: $62,700
Financial Samurai recommendation: By age 60, savers should have between $1 million and $5 million in their 401(k)
Ages 60-69
Average 401(k) balance: $198,600
Median 401(k) balance: $63,000
Note that the average reported retirement age for Americans is 61, so these numbers may reflect draws on the accounts.
If Financial Samurai's numbers got your pulse up, don't panic, plan it! Schedule a meeting with your financial planner to get your retirement savings on track.
Sources: Nerd Wallet, Financial Samurai