Median 401(k) balances sit at $35,286 while averages reach $134,128. Fifty-seven percent of workers hold less than $25,000 in total retirement savings. Contribution rates and access differ sharply by age, income, race, and employer plan type.
Key Takeaways
- Average employee contribution rate to 401(k)s: 7.4% of salary per Vanguard 2023.
- Median retirement savings for ages 25-34: $10,500 per Census 2023.
- 56% of U.S. workers are covered by an employer-sponsored retirement plan per BLS 2023.
- 44% of Americans say they are behind on retirement savings per Northwestern Mutual 2023.
- The average 401(k) or similar defined contribution plan balance at Vanguard at the end of 2023 was $134,128 for all participants.
Many Americans are falling short of retirement savings goals, underscoring the need to save more now.
Related reading
01 · Category
Contribution Amounts25 stats
01
Average employee contribution rate to 401(k)s: 7.4% of salary per Vanguard 2023.
02
Employer match averages 4.7% of pay per Vanguard HAS 2023.
03
Total contribution rate (employee + employer): 11.9% per Vanguard 2023.
04
92% of participants receive an employer match per Vanguard.
05
Average deferral rate for ages 55+: 9.2% per Fidelity 2023.
06
Catch-up contributions used by 14.5% of eligible over 50 per Vanguard.
07
Median contribution rate: 6.8% employee-side per Vanguard 2023.
08
Auto-escalation plans see average rates of 8.1% per Vanguard.
09
Fidelity clients contribute average $7,000annually to 401(k)s.
10
Roth contribution share: 22% of total deferrals per Vanguard 2023.
11
Average employer contribution: $4,890per participant per EBRI.
12
Contribution rates increased 0.4% in 2023 per Vanguard.
13
Women contribute 7.1% vs men 7.6% of salary per Vanguard.
14
High earners (>$100k) average 9.5% deferral rate per Fidelity.
15
After-tax contributions: 4% of plans allow, used by 2% per Vanguard.
16
Average annual 401(k) contribution: $8,300employee per PSCA 2023.
17
Employer safe harbor match: 4% in 78% of plans per Vanguard.
18
Gen Z average contribution rate: 7.0% per Fidelity 2023.
19
15.2% of over-50s max out catch-up limits per Fidelity.
20
Total DC contributions: $650 billion in 2023 per ICI.
21
Average IRA contribution: $6,500per Fidelity 2023.
22
Non-highly compensated employees average 6.5% rate per Vanguard.
23
Plans with auto-contribution escalation: 53% per Vanguard 2023.
24
Average deferral for millennials: 6.9% per Fidelity.
25
Profit sharing contributions average 3.2% of pay per PSCA.
Interpretation
Contribution Amounts Interpretation
The collective American retirement strategy appears to be a polite, "I'll have what she's having," as most people hover around the 7% contribution mark, relying heavily on employer matches to nudge the total toward a barely adequate 12%, while a hopeful minority of older workers finally start to panic-save.
02 · Category
Demographic Variations28 stats
01
Median retirement savings for ages 25-34: $10,500per Census 2023.
02
Black households median retirement savings: $42,000vs $189,000 white per SCF 2022.
03
Women aged 55-64 median: $120,000vs $185,000 men per Empower.
04
Hispanic median savings: $37,500per Vanguard 2023.
05
Gen Z (18-25) median: $5,500per Bank of America 2023.
06
Baby boomers average savings: $884,000per Empower 2023.
07
Single women median: $85,000vs $150,000 married per SCF.
08
Low-income (<$50k) median: $0 per Census 2023.
09
High school educated median: $50,000vs $250,000 college grad per SCF 2022.
10
Northeast region median retirement savings: $150,000per Census.
11
Millennial women contribute 0.5% less than men per Vanguard.
12
Rural households median: $100,000vs $180,000 urban per SCF.
13
Asian American median savings: $250,000per Federal Reserve data.
14
Ages 65-74 women median: $165,000per Census 2023.
15
Self-employed median: $75,000per SCF 2022.
16
Southern states average savings lower by 20% per Empower.
17
LGBTQ+ median savings 25% below average per Human Rights Campaign.
18
Ages 75+ median: $130,000per SCF.
19
Married couples median: $250,000vs $80,000 singles per Census.
20
Blue-collar workers median: $45,000per BLS data.
21
Top 10% income earners average $1.2M per SCF 2022.
22
Gen X men median: $160,000vs $110,000 women per Empower.
23
Midwest median savings: $140,000per Census 2023.
24
No high school diploma median: $15,000per SCF.
25
Veteran households median: $180,000per VA report.
26
Ages 30-39 median for Blacks: $25,000per Vanguard.
27
West coast average higher by 15% per Census.
28
Divorced median savings: $60,000per SCF 2022.
Interpretation
Demographic Variations Interpretation
These statistics paint a picture of retirement in America not as a single race, but as a series of staggered starting lines where wealth, race, gender, and zip code act as powerful handicaps.
03 · Category
Participation Rates25 stats
01
56% of U.S. workers are covered by an employer-sponsored retirement plan per BLS 2023.
02
Participation rate in 401(k) plans among eligible workers: 83% per Vanguard 2023.
03
Only 35% of private sector workers had access to DC plans in 2022 per BLS.
04
401(k) participation rate for women: 81% vs 84% for men per Vanguard HAS 2023.
05
Enrollment rate in automatic enrollment plans: 92% per Vanguard 2023.
06
68% of state and local government workers participate in DC plans per BLS 2023.
07
Participation among Gen Z workers: 62% per Fidelity 2023.
08
Only 48% of part-time workers participate in employer plans per EBRI 2023.
09
Auto-enrollment boosts participation by 9 percentage points per Vanguard.
10
77% of eligible federal workers participate in TSP per 2023 report.
11
Participation rate for Hispanic workers: 75% per Vanguard 2023.
12
15% of workers aged 25-34 opt out of auto-enrollment per Fidelity.
13
Coverage rate for small firms (<100 employees): 39% per BLS 2022.
14
89% participation in plans with auto-escalation per Vanguard 2023.
15
Black workers participation rate: 79% per Vanguard HAS 2023.
16
62% of gig workers have no retirement plan access per JPMorgan 2023.
17
Participation among ages 55-64: 85% per Fidelity Q4 2023.
18
Large firms (>5000 employees) coverage: 94% per BLS.
19
Women under 30 participation: 78% per Vanguard.
20
71% of union workers covered vs 50% non-union per BLS 2023.
21
Opt-out rate drops to 7% with auto-enrollment per EBRI.
22
65% participation for service industry workers per BLS.
23
Fidelity reports 84% average participation rate across plans in 2023.
24
40% of self-employed have retirement plans per SCF 2022.
25
Construction industry coverage: 45% per BLS 2023.
Interpretation
Participation Rates Interpretation
America's retirement system resembles a high-end buffet with a velvet rope: while the vast majority of those who are ushered inside (and nudged toward a plate) do in fact partake, a concerning number of workers are stuck outside reading the menu, never getting past the bouncer.
More related reading
04 · Category
Savings Adequacy30 stats
01
44% of Americans say they are behind on retirement savings per Northwestern Mutual 2023.
02
Only 53% of Americans are on track for retirement per Fidelity 2023.
03
Required savings rate to be on track: 15% of income per Fidelity.
04
51% fear outliving savings per Allianz Retirement Index 2023.
05
Average retiree needs $1.46 million for comfortable retirement per Northwestern Mutual.
06
78% of pre-retirees worry about healthcare costs eroding savings per EBRI.
07
Savings gap for average American: $413,000per T. Rowe Price 2023.
08
Only 29% have a retirement savings plan per Gallup 2023.
09
57% of workers have less than $25,000 saved per 2023 Natixis survey.
10
Retirement confidence index at 77% per EBRI/RIA 2023.
11
64% of Gen X not on track per Empower 2023.
12
Average Social Security covers 40% of pre-retirement income per SSA.
13
49% have tried to calculate needed savings but 43% never have per EBRI.
14
Projected shortfall: $4.5 trillion aggregate per ICI estimates.
15
35% of retirees report running out of money as top fear per AARP.
16
Fidelity benchmark: 10x salary by retirement, average is 6x.
17
72% of Americans overestimate Social Security benefits per Nationwide.
18
Adequacy ratio for bottom quintile: 45% of needs met per Urban Institute.
19
60% of households risk falling short per Center for Retirement Research.
20
Median replacement rate goal: 77%, achieved by 40% per Vanguard.
21
25% of pre-retirees have no savings per Census 2023.
22
Longevity risk: 50% chance of living to 90 per SSA.
23
Healthcare costs projected at $315,000for couple per Fidelity 2023.
24
42% dip into retirement savings early per Bankrate 2023.
25
On-track savers contribute 15%+ from start per Fidelity.
26
67% of boomers undersave per Merrill Lynch 2023.
27
Inflation erodes 21% of savings over 20 years per BLS.
28
80% need supplemental income beyond Social Security per SSA.
29
Women face 30% larger savings gap due to longevity per Vanguard.
30
Median worker needs $1.7M for 80% replacement rate per Aon.
Interpretation
Savings Adequacy Interpretation
America’s retirement plan appears to be an unsettling cocktail of optimism, denial, and a vague hope that avocado toast might somehow become a currency.
05 · Category
Savings Balances30 stats
01
The average 401(k) or similar defined contribution plan balance at Vanguard at the end of 2023 was $134,128for all participants.
02
The median 401(k) balance at Vanguard in 2023 was $35,286across all savers.
03
Average balance for Vanguard participants aged 65+ reached $272,588in 2023.
04
Median retirement savings balance for U.S. households aged 55-64 was $185,000according to the 2022 Survey of Consumer Finances.
05
The average IRA balance at Fidelity Investments as of Q4 2023 was $129,200.
06
Median 401(k)/403(b) balance for Fidelity clients aged 60+ was $232,710in Q4 2023.
07
Average retirement account balance for Schwab clients in 2023 was $112,400.
08
52% of Americans have less than $50,000 in retirement savings per Northwestern Mutual's 2023 Planning & Progress Study.
09
Average 401(k) balance for consistent savers over 15 years at Fidelity is $443,000.
10
Median net worth excluding home equity for retirees is $255,000per 2022 SCF.
11
Average balance in employer-sponsored plans grew 15.9% in 2023 per ICI.
12
401(k) participants aged 55-64 had average balances of $232,710at Fidelity Q4 2023.
13
Median retirement savings for Gen X (44-59) is $141,520per Empower 2023.
14
Total U.S. retirement assets reached $38.3 trillion in Q4 2023 per ICI.
15
Average 403(b) balance at TIAA in 2023 was $178,000.
16
Median savings for households headed by 65-74 year olds: $200,800per SCF 2022.
17
Average Roth IRA balance at Fidelity Q4 2023: $45,600.
18
401(k) balances for Vanguard participants with 10+ years tenure average $249,300.
19
Average retirement savings shortfall for Americans is $279,000per Allianz 2023.
20
Median 401(k) balance for women at Vanguard: $28,500in 2023.
21
Average balance for Black 401(k) participants: $65,000per Vanguard 2023.
22
Total DC plan assets: $9.6 trillion in 2023 per ICI.
23
Median IRA balance for ages 70+: $150,200per Fidelity 2023.
24
Average savings in 401(k)s for ages 45-54: $168,600at Fidelity.
25
Pension assets total $3.5 trillion per ICI Q4 2023.
26
Median retirement account balance for millennials: $25,000per Bank of America 2023.
27
Average balance growth rate for 401(k)s: 13.5% in 2023 per Vanguard.
28
24% of Americans have over $1 million in retirement savings per Northwestern Mutual 2023.
29
Median savings for ages 35-44: $60,763per Empower 2023.
30
Average annuity value in retirement portfolios: $145,000per SCF 2022.
Interpretation
Savings Balances Interpretation
The jarring reality of American retirement savings is a tale of two nest eggs: while the average figures suggest a comfortably padded future, the median numbers reveal that for most people, the financial cushion is perilously thin.
Reference
Cite This Report
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APA
Catherine Wu. (2026, February 13). American Retirement Savings Statistics. Gitnux. https://gitnux.org/american-retirement-savings-statistics
MLA
Catherine Wu. "American Retirement Savings Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/american-retirement-savings-statistics.
Chicago
Catherine Wu. 2026. "American Retirement Savings Statistics." Gitnux. https://gitnux.org/american-retirement-savings-statistics.
Sources & references
30 datasets cited across this report · attribution is report-level