Retirement savings are growing fast, yet the balance gap is stubborn. For example, total DC and IRA assets topped $38 trillion by the end of 2022, while the median IRA balance for ages 65 and up reached $129,000 in 2022 and women still trailed men in account balances. You will see how contributions, allocation choices, and participation rates line up across ages, plan types, and income levels, from $5,000 and under accounts to $1 million plus balances.
Key Takeaways
- Average 401(k) balance for consistent savers was $237,500 in 2023.
- Median IRA balance reached $129,000 for ages 65+ in 2022.
- Vanguard participants had average 401(k) balance of $141,300 in 2023.
- Average annual 401(k) contribution rate was 8.5% of salary in 2022.
- Employees contributed $7,200 on average to 401(k)s in 2023.
- Employer match averaged 4.7% of salary in plans offering it in 2022.
- 70% of retirees used 4% rule for withdrawals in 2022 surveys.
- Average first-year withdrawal from 401(k) was 4.2% of balance in 2023.
- RMD compliance rate was 92% for IRAs over $100k in 2022.
- 65% of DC assets allocated to equities in 2022.
- Target-date funds held 42% of 401(k) assets in 2023.
- Bond allocation averaged 12% in DC plans for ages 55+ in 2022.
- In 2022, 68% of private sector workers had access to a defined contribution retirement plan such as a 401(k).
- As of 2023, 55% of all workers participated in an employer-sponsored retirement plan.
- In 2021, 79% of workers aged 25-34 had access to a workplace retirement plan.
401(k) and IRA balances kept rising in 2023, but gaps by age, gender, and race persist.
Related reading
01 · Category
Account Balances27 stats
01
Average 401(k) balance for consistent savers was $237,500in 2023.
02
Median IRA balance reached $129,000for ages 65+ in 2022.
03
Vanguard participants had average 401(k) balance of $141,300in 2023.
04
Total DC/IRA assets exceeded $38 trillion at end of 2022.
05
401(k) balances grew 12% on average for participants in 2023.
06
Median balance for women was $88,000vs. $112,000 for men in 2022.
07
Ages 55-64 had average DC balance of $318,000in 2023.
08
Black/African American median 401(k) balance was $58,200in 2022.
09
Total retirement assets under management hit $37.8 trillion in Q4 2022.
10
Hispanic participants averaged $76,500in DC balances 2023.
11
Near-retirees (60-69) had $583,000average in Fidelity plans 2022.
12
IRA balances for rollovers averaged $145,000in 2023.
13
Small balances under $5,000held by 22% of 401(k) accounts in 2022.
14
Boomers' average balance was $255,000across DC/IRAs in 2023.
15
Gen X median 401(k) balance reached $102,300in 2022.
16
Public pension assets totaled $4.8 trillion for state/local in 2022.
17
Women ages 60+ had median $196,400IRA balance in 2023.
18
Top 10% of savers held 85% of total DC assets in 2022.
19
Average TSP balance was $164,000for FERS employees in 2023.
20
Balances for consistent 15-year savers hit $514,000average 2022.
21
Millennial average balance grew to $42,000in 401(k)s 2023.
22
Defined benefit plan liabilities averaged $250,000per participant 2022.
23
401(k) balances under $10,000comprised 35% of inactive accounts 2023.
24
Average balance by tenure: 10 years = $118,000in 2022.
25
High earners ($200k+) averaged $1.2 million in DC balances 2023.
26
Total 403(b) assets reached $1.1 trillion in 2022.
27
Median balance for ages 30-39 was $49,800in 2023.
Interpretation
Account Balances Interpretation
For many, retirement savings look robust on paper, but the sobering reality is that while average balances are buoyed by the wealthy few, the median saver is navigating a much leaner future.
02 · Category
Contribution Levels27 stats
01
Average annual 401(k) contribution rate was 8.5% of salary in 2022.
02
Employees contributed $7,200on average to 401(k)s in 2023.
03
Employer match averaged 4.7% of salary in plans offering it in 2022.
04
Total DC plan contributions reached $1.1 trillion in 2022.
05
92% of participants contributed at least enough for full employer match in 2023.
06
Roth contributions made up 18% of total 401(k) contributions in 2022.
07
Average IRA contribution was $6,500for those under 50 in 2021.
08
Catch-up contributions utilized by 14% of those 50+ in 2023.
09
Auto-enrollment led to 93% participation with 6% default deferral rate in 2022.
10
Women contributed 7.2% of salary vs. 9.1% for men in 401(k)s in 2022.
11
High earners ($100k+) averaged $12,400 annual contributions in 2023.
12
Employer contributions totaled 5.2% of payroll in private sector DC plans 2022.
13
65% of plans had auto-escalation, increasing contributions by 0.5% annually.
14
SEP-IRA contributions averaged $38,000per participant in 2021.
15
Gen X workers contributed 9% of income on average in 2022.
16
Total 403(b) contributions were $58 billion in 2022.
17
28% of contributors maxed out 401(k) limits ($22,500) in 2023.
18
After-tax contributions grew 15% to $120 billion in DC plans 2022.
19
Average deferral rate for new hires was 7.8% in auto plans 2023.
20
Public sector contributions averaged 12% of salary including DB accruals 2022.
21
Solo 401(k) contributions hit $69,000max for self-employed in 2023.
22
Contribution rates rose to 14.1% total (employee + employer) in 2022.
23
Low-income workers (<$30k) contributed 5.2% on average in 2023.
24
401(k) loans reduced contributions by 2% for borrowers in 2022.
25
HSA contributions used for retirement averaged $3,800in 2023.
26
Millennials increased contributions by 1.2% to 7.9% of salary 2022.
27
Employer nonelective contributions were 3.1% in 2023 plans.
Interpretation
Contribution Levels Interpretation
While the retirement landscape shows promising engagement with an average total contribution rate of 14.1% and 92% of employees wisely securing their full employer match, the persistent gender gap—where women contribute 7.2% of salary compared to men's 9.1%—serves as a stark reminder that financial equality remains a work in progress.
03 · Category
Income and Withdrawals28 stats
01
70% of retirees used 4% rule for withdrawals in 2022 surveys.
02
Average first-year withdrawal from 401(k) was 4.2% of balance in 2023.
03
RMD compliance rate was 92% for IRAs over $100k in 2022.
04
25% of retirees took lump-sum distributions averaging $78,000 in 2023.
05
Annuity purchases provided 15% of retirement income in 2022.
06
Systematic withdrawals averaged $45,000annually from DC plans 2023.
07
401(k) hardship withdrawals totaled $92 billion in 2022.
08
Social Security replaced 40% of pre-retirement income for median earners.
09
QCDs from IRAs averaged $25,000per retiree in 2023.
10
55% of new retirees rolled over full 401(k) balance to IRA in 2022.
11
Withdrawal rates peaked at 5.1% during market downturns 2022.
12
Pension annuities paid $35,000median annual benefit in 2023.
13
18% used Roth conversions pre-RMD to manage taxes in 2022.
14
Average DB plan lump sum was $142,000for vested participants 2023.
15
Retiree income from DC plans averaged 28% of total in 2022.
16
CARES Act withdrawals reduced balances by 3% average in 2020-2022.
17
72% of retirees withdrew from taxable accounts first in 2023.
18
TSP withdrawals averaged 4% SWR for lifecycle funds 2022.
19
Women withdrew 3.8% vs. 4.5% for men annually in 2023.
20
Partial liquidations averaged 2.5 distributions per retiree 2022.
21
Guaranteed lifetime withdrawals from annuities yielded 5.2% in 2023.
22
401(k) required minimum distributions started at $11,000average 2022.
23
Income from withdrawals replaced 22% of earnings for low savers.
24
14% took early withdrawals penalty-free under Rule of 55 in 2023.
25
Total pension benefits paid $320 billion annually in 2022.
26
Retirees with $1M+ balances withdrew 3.2% sustainably 2023.
27
403(b) distributions averaged $52,000first year post-retirement 2022.
28
Net withdrawal rate adjusted for inflation was 3.7% in 2023.
Interpretation
Income and Withdrawals Interpretation
The collective data suggests retirees are navigating a complex financial tightrope with impressive discipline, generally adhering to sensible withdrawal rules, yet the sheer volume of hardship withdrawals and cautious average rates reveal an underlying anxiety about outliving savings in a world where Social Security only provides a partial safety net.
More related reading
04 · Category
Investment Allocation29 stats
01
65% of DC assets allocated to equities in 2022.
02
Target-date funds held 42% of 401(k) assets in 2023.
03
Bond allocation averaged 12% in DC plans for ages 55+ in 2022.
04
28% of IRA assets in equities for retirees in 2023.
05
Cash holdings dropped to 5% of 401(k) balances post-2022.
06
International stocks comprised 8% of DC allocations in 2022.
07
Women allocated 52% to stocks vs. 58% for men in 2023.
08
Fixed income rose to 28% for those near retirement in 2022.
09
ESG funds held 2.5% of retirement assets in 2023.
10
Small-cap stocks averaged 4% allocation in 401(k)s 2022.
11
Target-date glide paths averaged 50/50 stock/bond at retirement 2023.
12
Real estate/REITs were 2% of IRA portfolios in 2022.
13
Crypto allocation was under 1% in DC plans despite interest 2023.
14
Balanced funds held 15% of assets for conservative investors 2022.
15
Equity allocation for under-30s was 85% in 401(k)s 2023.
16
Stable value funds averaged 9% in large 401(k) plans 2022.
17
Commodities less than 1% despite inflation in 2023 allocations.
18
401(k) participants shifted 3% more to bonds in 2022 downturn.
19
Multi-asset funds grew to 18% of TSP allocations in 2023.
20
Value stocks outperformed, holding 22% vs. 18% growth in 2022.
21
High-yield bonds were 1.2% of fixed income sleeve in 2023.
22
Emerging markets equities at 3.5% in target-date funds 2022.
23
Sector funds (energy/health) totaled 5% in self-directed IRAs 2023.
24
Cash rose to 7.4% amid volatility in Q4 2022.
25
Lifecycle funds dominated with 55% of new contributions 2023.
26
Preferred stocks negligible at 0.3% in DC plans 2022.
27
Alternatives (hedge/private equity) under 0.5% in retail plans 2023.
28
Dividend-focused equities held 12% in income portfolios 2022.
29
TIPS allocation averaged 4% in inflation-hedged plans 2023.
Interpretation
Investment Allocation Interpretation
The statistics reveal a retirement landscape cautiously chasing market returns yet tethered to convention, where despite a fleeting romance with bonds during downturns, the heart of the American saver—guided overwhelmingly by target-date funds—remains steadfastly, if not a bit monotonously, wedded to domestic equities, leaving little room for adventurous dalliances with crypto, alternatives, or even international flavors.
05 · Category
Participation and Coverage30 stats
01
In 2022, 68% of private sector workers had access to a defined contribution retirement plan such as a 401(k).
02
As of 2023, 55% of all workers participated in an employer-sponsored retirement plan.
03
In 2021, 79% of workers aged 25-34 had access to a workplace retirement plan.
04
62% of full-time employees participated in a DC plan in 2022, up from 59% in 2021.
05
Only 41% of part-time workers had access to a retirement plan in 2022.
06
84% of large employers (1,000+ employees) offered a 401(k) plan in 2023.
07
Participation rate among Gen Z workers in retirement plans reached 45% in 2022.
08
53% of state and local government employees were covered by defined benefit plans in 2021.
09
In 2022, 67% of workers in the finance sector participated in employer plans.
10
Access to retirement plans was 72% for workers earning over $50,000 annually in 2023.
11
49% of small business employees (under 100 workers) participated in plans in 2022.
12
Women’s participation in DC plans was 51% compared to 58% for men in 2021.
13
76% of unionized workers had access to retirement plans in 2022.
14
Participation among Hispanic workers was 44% in employer-sponsored plans in 2023.
15
91% of Fortune 500 companies offered 401(k) matches in 2022.
16
In 2021, 39% of gig economy workers had no retirement plan access.
17
65% of Baby Boomers were still participating in plans at age 60+ in 2022.
18
Access rates improved to 70% for mid-sized firms (100-999 employees) in 2023.
19
52% of non-white workers participated in DC plans versus 60% white workers in 2022.
20
82% of tech industry workers had plan access in 2023.
21
Participation in IRAs among non-participants in employer plans was 15% in 2021.
22
58% of workers aged 35-44 participated actively in 401(k)s in 2022.
23
Only 28% of workers under 25 contributed to retirement plans in 2023.
24
75% of federal employees were covered by Thrift Savings Plan in 2022.
25
Access for self-employed was 23% via SEP/IRAs in 2021.
26
64% of manufacturing workers participated in plans in 2022.
27
Women in professional occupations had 71% plan access in 2023.
28
47% of retail workers had retirement plan coverage in 2022.
29
Participation rose 3% post-COVID to 60% overall in 2023.
30
89% of executives had access to deferred compensation plans in 2022.
Interpretation
Participation and Coverage Interpretation
These statistics paint a picture of a retirement landscape where access and participation are less a universal promise and more a privilege tightly tied to your job title, employer size, and paycheck size.
Reference
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APA
Elif Demirci. (2026, February 13). Retirement Plan Statistics. Gitnux. https://gitnux.org/retirement-plan-statistics
MLA
Elif Demirci. "Retirement Plan Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/retirement-plan-statistics.
Chicago
Elif Demirci. 2026. "Retirement Plan Statistics." Gitnux. https://gitnux.org/retirement-plan-statistics.
Sources & references
26 datasets cited across this report · attribution is report-level