The average 401(k) balance reached $134,152 for Vanguard participants. This growth masks a stark reality, as the median saver across all ages holds just $35,286.
Key Takeaways
- Average 401(k) balance reached $134,152 for Vanguard participants in 2023.
- Fidelity reports average balance of $112,400 across 24 million accounts in 2023.
- Median balance for workers aged 55-64 is $89,300 per ICI 2022 data.
- 82% of 401(k) assets held in target-date and index funds.
- Target-date funds comprise 43% of total 401(k) assets in 2023.
- Equities make up 72% of average participant allocation.
- Average employee contribution rate is 7.4% of salary in 2022.
- 52% of participants contribute at least 6% of pay.
- Employer match averages 4.3% of pay in matching plans.
- In 2022, 67% of eligible employees at Vanguard client plans participated in their 401(k) plans.
- As of 2023, approximately 80 million Americans have access to workplace retirement plans like 401(k)s.
- 56% of private sector workers had access to defined contribution plans in 2022.
- Hardship withdrawals totaled $92 billion in 2022.
- 2.1% of participants took loans averaging $12,000.
- 40% of job changers fail to roll over 401(k) funds.
401(k) balances have grown to tens of millions, but big gaps remain by age, gender, and participation.
Related reading
01 · Category
Account Balances28 stats
01
Average 401(k) balance reached $134,152for Vanguard participants in 2023.
02
Fidelity reports average balance of $112,400across 24 million accounts in 2023.
03
Median balance for workers aged 55-64 is $89,300per ICI 2022 data.
04
Schwab average balance grew 15% to $97,000 in 2023.
05
EBRI estimates $7.5 trillion total 401(k)/IRA assets in 2022.
06
Balances for participants 65+ average $272,588at Vanguard.
07
401(k) millionaires numbered 428,000 at Fidelity in Q4 2023.
08
Average balance by generation: Silent avg $227k, Boomers $214k.
09
T. Rowe Price reports $112,000average for plans over $1B assets.
10
Median all ages $35,286per DOL National Compensation Survey.
11
Balances in plans with auto-enroll average 20% higher.
12
Women’s average balance $88,400vs. men’s $141,200.
13
Gen Z average balance $13,500in 2023.
14
Top 10% hold 70% of total 401(k) assets.
15
Average balance in small plans (under 50) is $62,000.
16
15.2% compound annual growth in balances over 10 years.
17
IRA rollovers from 401(k)s total $700 billion yearly.
18
Participants with 20+ years service avg $385,000.
19
Black workers median balance $48,000vs. $92,000 white.
20
Millennial average $42,000after 5 years participation.
21
401(k) assets represent 20% of total US retirement savings.
22
Average balance post-recession recovery: +250% since 2009.
23
Hispanic participants avg $55,000median balance.
24
Plans with target-date funds see 25% higher balances.
25
Over 50s with catch-up avg $200k+ balances.
26
Tech workers avg $150,000balance by age 40.
27
60% of balances under $50,000 for under-35s.
28
Total DC plan assets $10.1 trillion in Q3 2023.
Interpretation
Account Balances Interpretation
These statistics reveal a retirement landscape of staggering inequality, where the astronomical growth of a fortunate few—with their quarter-million-dollar averages and 401(k) millionaire clubs—masks the sobering reality that the median saver, across all ages, has a balance barely exceeding a year's salary for many.
02 · Category
Asset Allocation29 stats
01
82% of 401(k) assets held in target-date and index funds.
02
Target-date funds comprise 43% of total 401(k) assets in 2023.
03
Equities make up 72% of average participant allocation.
04
35% of participants hold 100% in equities under 40.
05
Bond allocation averages 10% across all ages.
06
Cash holdings dropped to 3% from 5% pre-2022.
07
ESG funds represent 2.5% of 401(k) assets in 2023.
08
Stable value funds hold 7% of assets in large plans.
09
International equities average 18% allocation.
10
Small-cap stocks 5% of portfolios on average.
11
65% of plans offer lifecycle funds as QDIA.
12
Company stock averages 3% but 10% in ESOP hybrids.
13
Fixed income rises to 25% for ages 55+.
14
Index funds now 55% of equity holdings.
15
Crypto-related funds <0.1% despite interest.
16
REITs and alternatives 1.2% average allocation.
17
Women allocate 5% more to bonds than men.
18
Target-date glide paths shift 1% yearly to bonds.
19
90% of new contributions to target-date funds.
20
Sector funds (energy, tech) <2% total.
21
Average number of funds per participant: 18.
22
Equity allocation fell 5% post-2022 market dip.
23
75% of assets in low-cost funds (<0.5% expense).
24
Multi-asset funds 12% of allocations.
25
Participants 25-34: 85% equities.
26
Retirement date funds hold $3 trillion.
27
Value stocks outperform growth by 2% in 2023 allocations.
28
4% in cash equivalents amid high rates.
29
22% of plans offer self-directed brokerage windows.
Interpretation
Asset Allocation Interpretation
The American 401(k) has become a monument to sensible, if slightly dull, automation, where we collectively outsource our asset allocation to target-date funds, keep our costs low, and generally avoid betting the farm on crypto, company stock, or our own gut instincts.
03 · Category
Contributions27 stats
01
Average employee contribution rate is 7.4% of salary in 2022.
02
52% of participants contribute at least 6% of pay.
03
Employer match averages 4.3% of pay in matching plans.
04
93% of plans offer automatic enrollment at 3-6% default.
05
Gen X contributes average 8.1% personally.
06
78% of plans provide employer contributions totaling $120 billion annually.
07
Roth contributions make up 22% of total deferrals in 2022.
08
Average total contribution rate (employee + employer) is 11.7%.
09
65% of participants max out catch-up contributions if over 50.
10
Small plans (100 or fewer) average 6.8% employee rate.
11
85% of Fortune 1000 plans match 100% up to 6%.
12
Millennials contribute 7.2% on average.
13
Non-highly compensated employees average 6.5% deferral.
14
40% increase in contributions post-auto-escalation implementation.
15
Employer nonelective contributions average 3.2% in 2022.
16
Women contribute 6.9% vs. 7.8% for men.
17
Boomers average 9.2% total contributions.
18
28% of plans offer profit-sharing contributions averaging 2.5%.
19
Average deferral rate rose 0.4% year-over-year to 7.4%.
20
401(k) plans held $7.4 trillion in assets from contributions.
21
Catch-up contributions total $15 billion annually.
22
72% of participants underutilize full match (leave money on table).
23
Safe harbor plans average higher contributions at 8.5%.
24
Gig workers via solo 401(k) contribute up to 25% self-employed.
25
Healthcare plans see 8.0% average employee deferral.
26
Tech sector averages 9.5% total contribution rate.
27
55% of plans cap contributions at IRS limit of $22,500.
Interpretation
Contributions Interpretation
It seems the American workforce is collectively treating their 401(k) like a gym membership—most sign up, many show up half-heartedly, and a determined few actually max out their potential while the rest leave free money on the floor.
More related reading
04 · Category
Coverage and Participation30 stats
01
In 2022, 67% of eligible employees at Vanguard client plans participated in their 401(k) plans.
02
As of 2023, approximately 80 million Americans have access to workplace retirement plans like 401(k)s.
03
56% of private sector workers had access to defined contribution plans in 2022.
04
Participation rate among Gen Z workers in 401(k)s reached 44% in 2023.
05
92% of Fortune 500 companies offer 401(k) plans as of 2023.
06
Only 41% of small business employees (under 100 workers) have access to 401(k)s in 2022.
07
Black workers have a 401(k) participation rate of 58%, compared to 69% for white workers in 2021.
08
75% of state and local government employees participate in defined contribution plans.
09
Participation rates for women in 401(k)s averaged 65% in large plans in 2022.
10
49% of workers aged 25-34 participate in employer-sponsored retirement plans.
11
Auto-enrollment increased participation from 49% to 81% in plans with this feature in 2022.
12
Hispanic workers show 52% participation rate in available 401(k) plans as of 2021.
13
68% of workers at companies with over 5,000 employees participate in 401(k)s.
14
Participation among Boomer workers stands at 72% in 2023.
15
34% of gig economy workers lack access to any retirement plan equivalent to 401(k).
16
61% of unionized workers participate in employer-sponsored plans.
17
Plans with auto-escalation see 10% higher participation than those without.
18
55% of part-time workers have access to 401(k) plans in 2022.
19
Millennial participation rate hit 62% in mid-sized firms in 2023.
20
70% of eligible federal employees enroll in TSP (similar to 401(k)).
21
Rural workers have 48% access rate to 401(k)s versus 65% urban.
22
66% overall participation in plans offering Roth options.
23
Women over 55 participate at 73% rate in 401(k)s.
24
57% of manufacturing sector workers participate.
25
Tech industry boasts 85% 401(k) participation rate.
26
40% of workers under 25 defer participation due to debt.
27
Healthcare workers average 69% enrollment.
28
63% participation in plans with financial wellness programs.
29
Asian American workers at 71% participation.
30
59% of finance sector employees enroll.
Interpretation
Coverage and Participation Interpretation
America's retirement rodeo reveals a stark truth: while auto-enrollment can almost herd us into the savings corral, the gates of access and participation are still padlocked by employer size, industry, and stubborn inequities.
05 · Category
Withdrawals and Rollovers28 stats
01
Hardship withdrawals totaled $92 billion in 2022.
02
2.1% of participants took loans averaging $12,000.
03
40% of job changers fail to roll over 401(k) funds.
04
Required Minimum Distributions (RMDs) begin at $7 trillion total.
05
Cash-out rates for balances under $1,000: 60%.
06
Rollovers to IRAs: 65% of distributions.
07
In-service withdrawals used by 8% of participants.
08
Loan default rate 10% upon job separation.
09
401(k) withdrawals during COVID peaked at 5% participation.
10
Average hardship withdrawal $5,800for medical expenses.
11
89% of plans allow loans up to $50,000 or 50% balance.
12
Roth conversions from 401(k)s rose 25% in 2023.
13
Balances $1k-$5k cashed out 35% of time.
14
Post-59.5 withdrawals average 4% of balance yearly.
15
CARES Act withdrawals totaled $17 billion by June 2020.
16
12% of millennials took early withdrawals for debt.
17
Rollover success rate 75% with advisor assistance.
18
Loan balances average 8% of total plan assets.
19
SECURE 2.0 allows emergency savings up to $2,500.
20
3% annual withdrawal rate recommended for sustainability.
21
Cash-outs cost workers $192 billion in lost growth over 20 years.
22
70% of separated workers roll to new 401(k) or IRA.
23
Penalty-free withdrawals for disasters rose post-SECURE Act.
24
Average RMD amount $15,000for 72-year-olds.
25
15% early withdrawal tax + 10% penalty common.
26
Domestic relations orders (QDRO) 1% of distributions.
27
Net outflows from 401(k)s to IRAs $500B annually.
28
401(k) loans repaid 90% if still employed.
Interpretation
Withdrawals and Rollovers Interpretation
The American retirement account has become a paradoxical piggy bank: desperately raided for today's emergencies yet still stubbornly expected to fund a distant tomorrow.
Reference
Cite This Report
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APA
Alexander Schmidt. (2026, February 13). 401K Statistics. Gitnux. https://gitnux.org/401k-statistics
MLA
Alexander Schmidt. "401K Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/401k-statistics.
Chicago
Alexander Schmidt. 2026. "401K Statistics." Gitnux. https://gitnux.org/401k-statistics.
Sources & references
19 datasets cited across this report · attribution is report-level