401k plans hold 7.4 trillion dollars in assets. Average balances reach 112400 dollars while medians sit at 35286 dollars and 28 percent of accounts contain under 10000 dollars. The statistics below cover balances, contributions, fees, investments, and participation rates.
Key Takeaways
- Year-end 2022 average 401(k) balance was $112,400 across Fidelity participants, up 20% from 2021
- The average annual 401(k) contribution by participants was $7,200 in 2022, up 15% from 2021
- Average 401(k) plan expense ratio fell to 0.48% in 2022
- 55% of target-date fund assets in 401(k)s were in glide paths end-2022
- In 2022, there were approximately 67.5 million active 401(k) participants in the United States, representing a 2.3% increase from 2021
Recent 401k data shows steady participation growth and increasing retirement savings among workers nationwide.
Related reading
01 · Category
Balances & Growth29 stats
01
Year-end 2022 average 401(k) balance was $112,400across Fidelity participants, up 20% from 2021
02
Median 401(k) balance for Vanguard participants was $35,286at end-2022
03
Balances for ages 65+ averaged $272,588in Fidelity 401(k)s end-2022
04
Total 401(k) assets reached $7.4 trillion at end-2022, per ICI data
05
Average balance for 20-29 year olds was $7,351in Vanguard plans end-2022
06
401(k) balances grew 13% on average for long-tenured participants in 2022
07
Women’s average 401(k) balance was $86,900vs. $128,600 for men end-2022 Fidelity
08
Top 1% of 401(k) balances exceeded $2.1 million end-2022
09
Balances under $10,000held by 28% of participants end-2022 Vanguard
10
Average balance for 50-59 age group was $237,500end-2022 Fidelity
11
Total DC plan assets including 401(k)s hit $9.6 trillion Q4 2022
12
Median balance for 5+ year participants was $88,400end-2022 Vanguard
13
401(k) balances for Gen Z averaged $4,800end-2022
14
Balances grew 18% for participants with 15+ years tenure in 2022 Vanguard
15
Average balance by income: $250k+ earners had $489,000 end-2022 Fidelity
16
12% of participants had balances over $1 million end-2022 Fidelity
17
Black participants median balance $28,000vs. $42,000 white end-2022
18
Average 401(k)/IRA combined balance $134,000end-2022 Fidelity
19
Balances for 30-39 averaged $49,800end-2022 Vanguard
20
401(k) assets under management grew 10% YoY to $7.5T mid-2023
21
Median balance for new participants was $1,500end-2022
22
Ages 60-69 average balance $246,100end-2022 Fidelity
23
22% balance growth for consistent savers over 10 years thru 2022
24
Hispanic median 401(k) balance $24,500end-2022
25
Average balance 40-49: $141,300end-2022 Fidelity
26
Total 401(k) assets per participant averaged $110,000end-2022
27
Balances for 70+ averaged $289,300end-2022 Fidelity
28
35% of participants had balances $50k-$250k end-2022 Vanguard
29
Longevity of balances: 15-year olds averaged $300k+ end-2022
Interpretation
Balances & Growth Interpretation
While these figures show a system capable of generating impressive sums for the persistent and fortunate, the vast chasm between the soaring averages and the grounding medians reveals a sobering truth: for too many, the retirement finish line remains a distant dream, not a guaranteed victory lap.
02 · Category
Contributions & Savings29 stats
01
The average annual 401(k) contribution by participants was $7,200in 2022, up 15% from 2021
02
Employee deferrals to 401(k)s totaled $499 billion in 2022 across all plans
03
In Vanguard plans, average employee contribution rate was 7.4% of salary in 2022
04
Employer match averaged 4.3% of pay in 2022 for matching plans
05
91% of 401(k) plans offered employer matching contributions in 2022
06
Participants aged 50+ contributed an average of 9.8% of salary via deferrals in 2022
07
Total contributions to 401(k)s reached $600 billion in 2023 estimates
08
Automatic escalation features led to 8.2% average savings rates in adopting plans in 2022
09
Women contributed at a median rate of 6.9% vs. 7.8% for men in 2022 Vanguard data
10
Safe harbor matches were used in 45% of plans, averaging 4% contribution in 2022
11
Roth 401(k) contributions grew 28% to $48 billion in 2022
12
Average deferral rate for under-25s was 5.6% in 2022
13
78% of plans had contribution limits reached by some participants in 2022
14
Employer non-elective contributions averaged 3.2% in plans offering them in 2022
15
High earners (over $100k) contributed 11.2% average in 2022
16
Total 401(k) inflows hit $1.1 trillion including rollovers in 2022
17
65% of participants maxed catch-up contributions if eligible in 2022
18
Median savings rate across all ages was 7.6% in 2022 Vanguard plans
19
Profit sharing contributions totaled $120 billion in 2022
20
New hires contributed 6.1% on average in first year in 2022
21
Plans with auto-escalation saw rates rise from 6% to 8% over 5 years by 2022
22
Black participants had median contribution rate of 6.5% in 2022
23
401(k) contribution limits increased to $22,500in 2023 from $20,500 in 2022
24
Employer contribution rates averaged 4.7% overall in PSCA surveyed plans 2022
25
After-tax contributions grew 15% to $35 billion in 2022
26
Participants in their 40s contributed 8.1% median in 2022
27
52% of plans offered Roth options, with 20% utilization in 2022
28
Average total savings rate (employee + employer) was 11.9% in 2022
29
Deferral rates for 55-64 age group averaged 9.4% in 2022
Interpretation
Contributions & Savings Interpretation
It seems we’re collectively learning that if you sprinkle enough auto-escalation, employer matches, and a dash of panic as retirement looms, the average saver might just—almost—keep up with their own future.
03 · Category
Fees, Withdrawals & Loans30 stats
01
Average 401(k) plan expense ratio fell to 0.48% in 2022
02
Participant-level fees averaged 0.92% end-2022 Vanguard
03
14% of participants took loans in 2022, averaging $12,500 each Fidelity
04
Average plan admin fee $1.2 million annually for large plans 2022 PSCA
05
Hardship withdrawals totaled $7 billion in 2022 ICI estimates
06
Recordkeeping fees 0.15% average end-2022
07
4% average loan default rate in 2022 Fidelity
08
In-plan annuity fees averaged 0.65% for offerings 2022
09
Withdrawals under age 59.5: 2.1% of balances end-2022 Vanguard
10
Revenue sharing dropped to 10 bps average 2022 ICI
11
401(k) loan balances outstanding $100 billion end-2022 Fidelity
12
Average investment fee 0.38% for Vanguard plans end-2022
13
CARES Act withdrawals $18 billion in 2020, residual effects in 2022
14
92% of plans fee disclosure compliant in 2022 DOL audit
15
Loan origination fees averaged 0.5% of loan amount 2022 PSCA
16
Total fees as % of assets: 1.05% average large plans 2022
17
In-service withdrawals used by 3% of participants end-2022 Fidelity
18
Target-date fund fees averaged 0.32% end-2022 Vanguard
19
22% of plans allowed Roth conversions with no fees 2022
20
Average hardship withdrawal amount $4,500in 2022 Fidelity
21
Plan termination fees impacted 1% of plans in 2022 DOL
22
401(k) average 5-year return net of fees 7.2% thru 2022 Vanguard
23
Multiple loan allowances in 65% plans, avg 1.8 loans per borrower 2022 PSCA
24
Fee benchmarking used by 89% sponsors 2022
25
Withdrawals during market downturns: 1.5% balances 2022
26
Stable value fees 0.45% average end-2022 ICI
27
8% of loans taken by ages 30-39 end-2022 Fidelity data
28
Direct rollover % of distributions: 45% in 2022 DOL
29
Active trader fees in brokerage windows 0.2% extra 2022
30
Cash-out rates for balances under $1k: 70% end-2022 Vanguard
Interpretation
Fees, Withdrawals & Loans Interpretation
Though participants are saving diligently and overall fees are inching downward, the $100 billion in outstanding loans and $7 billion in hardship withdrawals reveal a retirement system often used as a financial lifeline, while the 70% cash-out rate for small balances tragically undercuts its very purpose.
More related reading
04 · Category
Investments & Allocations30 stats
01
55% of target-date fund assets in 401(k)s were in glide paths end-2022
02
Equities comprised 72% of 401(k) assets end-2022 Vanguard participants
03
Target-date funds held 43% of Vanguard 401(k) balances end-2022
04
Average number of investment options per 401(k) plan was 21 in 2022 PSCA
05
Bonds allocation averaged 8% in 401(k)s end-2022 Fidelity
06
92% of plans offered target-date funds in 2022
07
Domestic stocks: 45%, international: 27% in average portfolios end-2022 Vanguard
08
Stable value funds held 6% of assets end-2022 ICI
09
ESG funds available in 18% of plans in 2022
10
Cash allocations dropped to 5% end-2022 from 9% pre-2022
11
Company stock averaged 3.2% allocation in offering plans end-2022 Fidelity
12
Small-cap funds: 4%, large-cap: 38% end-2022 Vanguard
13
67% of participants held diversified portfolios end-2022
14
Fixed income rose to 12% for ages 55+ end-2022 Vanguard
15
Crypto-related options in 2% of plans 2022
16
Target-date vintage 2025 funds averaged 65% equity end-2022
17
International bonds: 2.5% average allocation end-2022 ICI
18
75% of balances in index funds in Vanguard plans end-2022
19
Actively managed funds declined to 22% of assets end-2022 Fidelity
20
Sector funds: 1.8% allocation average 2022 PSCA
21
Equity allocation for under-30s: 85% end-2022 Vanguard
22
GICs and stable value: 7.1% end-2022
23
Lifecycle funds captured 50% of new contributions 2022 Fidelity
24
Alternatives like real estate in 5% of large plans end-2022
25
Fixed annuities offered in 12% plans 2022 PSCA
26
Equity glide path average 50% for retirement-near participants end-2022 Vanguard
27
Self-directed brokerage windows in 28% of plans end-2022
28
Commodities allocation under 0.5% average end-2022 ICI
29
82% of TDF users stayed in vintage funds end-2022 Fidelity
30
Emerging markets: 5.2% in international equity slice end-2022 Vanguard
Interpretation
Investments & Allocations Interpretation
Despite a dizzying menu of 21 options, the modern 401(k) participant has wisely chosen the path of least excitement, entrusting half their new money to target-date funds and three-quarters of their balance to index funds, creating a surprisingly sensible, equity-heavy autopilot for retirement—proving that when left to our own devices, we often wisely choose not to be.
05 · Category
Participation & Demographics30 stats
01
In 2022, there were approximately 67.5 million active 401(k) participants in the United States, representing a 2.3% increase from 2021
02
As of year-end 2022, 61% of private sector workers had access to a workplace retirement plan like a 401(k), up from 58% in 2020
03
In 2023, 82% of 401(k) plan participants aged 30-49 contributed to their plans, compared to 68% for those under 30
04
Women represented 47.2% of 401(k) participants in plans surveyed by Vanguard at year-end 2022
05
Among Fortune 500 companies, 98% offered 401(k) plans in 2022, covering over 90% of their employees
06
Black workers had a participation rate of 68% in 401(k) plans in 2022, compared to 75% for white workers
07
In 2021, small businesses (under 100 employees) had 401(k) participation rates of 52%, versus 85% for large firms
08
15.3 million participants were auto-enrolled in 401(k) plans in Vanguard-administered plans in 2022, comprising 80% of eligible employees
09
Hispanic/Latino workers showed a 401(k) participation rate of 62% in 2022, lower than the overall average of 70%
10
By 2023, 145,000 employer-sponsored 401(k) plans existed, holding $7.5 trillion in assets
11
Participation rates for Gen Z workers (born 1997-2012) in 401(k)s reached 57% in 2022, up 5% from 2019
12
Unionized workers had a 78% 401(k) participation rate in 2021, compared to 69% for non-union
13
In 2022, 72% of full-time workers participated in 401(k) plans, versus 41% for part-time
14
Baby Boomers (aged 59-77 in 2023) made up 22% of 401(k) participants despite being 28% of workforce
15
401(k) coverage reached 56% of state and local government employees in 2021
16
In tech industry plans, 92% participation rate was observed in 2022, highest among sectors
17
Asian American workers had the highest 401(k) participation at 79% in 2022
18
401(k) plans covered 85 million workers cumulatively in 2022, including defined contribution plans
19
Remote workers showed 65% 401(k) participation in 2022, down 3% from in-office peers
20
Manufacturing sector had 74% 401(k) coverage rate for employees in 2021
21
Millennials (aged 27-42 in 2022) represented 42% of 401(k) participants
22
68% of workers aged 25-34 contributed to 401(k)s in 2022
23
Healthcare sector boasted 88% 401(k) participation in large plans in 2022
24
In 2023, 401(k) opt-out rates dropped to 12% with auto-enrollment
25
Finance and insurance industry had 82% 401(k) coverage in 2021
26
Gen X (aged 43-58) had 76% participation rate in 401(k)s in 2022
27
55% of gig economy workers had access to 401(k)-like plans via platforms in 2023
28
Education sector showed 79% 401(k) participation for full-time faculty in 2022
29
Overall U.S. workforce 401(k) participation hit 52% in 2022
30
Silent Generation (75+) held 4% of 401(k) accounts in 2022 despite small population share
Interpretation
Participation & Demographics Interpretation
While America's retirement savings engine is sputtering to life—with more workers getting keys and automatic enrollment helping many start the ignition—glaring disparities persist, showing that who you work for, your age, race, and even your industry still heavily determine whether you're on the road to security or left stranded on the shoulder.
Reference
Cite This Report
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APA
Diana Reeves. (2026, February 13). 401K Industry Statistics. Gitnux. https://gitnux.org/401k-industry-statistics
MLA
Diana Reeves. "401K Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/401k-industry-statistics.
Chicago
Diana Reeves. 2026. "401K Industry Statistics." Gitnux. https://gitnux.org/401k-industry-statistics.
Sources & references
13 datasets cited across this report · attribution is report-level