GITNUXREPORT 2026

Retirement Saving Statistics

Retirement savings success is uneven, with significant gaps by age, income, and race.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

The average 401(k) balance for ages 65+ was $232,710 at end of 2022.

Statistic 2

Median retirement savings for households 55-64 was $185,000 in 2022.

Statistic 3

Average IRA balance reached $129,850 for Vanguard clients in 2023.

Statistic 4

Total 401(k) assets exceeded $7.5 trillion in the U.S. as of 2023.

Statistic 5

Average balance for 45-54 year olds in 401(k)s was $168,600 in 2022.

Statistic 6

Median 401(k) balance across all ages was $23,000 in 2023.

Statistic 7

Average 403(b) balance for participants was $112,400 in 2022.

Statistic 8

Households 75+ had average retirement savings of $412,000 in 2022.

Statistic 9

Average defined benefit pension value was $245,000 for vested workers in 2021.

Statistic 10

Fidelity reported average 401(k) balance of $107,300 for ages 30-49 in 2023.

Statistic 11

Total U.S. retirement assets hit $38.4 trillion in Q4 2022.

Statistic 12

Median savings for near-retirees (55-64) in IRAs was $87,500 in 2023.

Statistic 13

Average balance in employer-sponsored plans for Gen X was $206,900 in 2022.

Statistic 14

401(k) balances for millionaires (> $1M) averaged $1.46M in 2023.

Statistic 15

Average savings in 457 plans was $98,200 for state/local gov workers in 2022.

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Median household retirement savings all ages: $87,000 in 2022 SCF.

Statistic 17

Average Roth IRA balance was $34,500 in 2023.

Statistic 18

Total DC plan assets: $9.6 trillion as of mid-2023.

Statistic 19

Average 401(k) contribution rate was 7.4% of salary in 2023.

Statistic 20

Employees contributed average 8.5% to 401(k)s in 2022 per Fidelity.

Statistic 21

Employer match averaged 4.7% of salary in plans offering it 2023.

Statistic 22

Total average contribution (EE+ER) was 12.9% in Vanguard plans 2023.

Statistic 23

15% of participants maxed out 401(k) contribution limit ($22,500) in 2022.

Statistic 24

Contribution rates rose 0.5% year-over-year to 14.1% combined in 2023.

Statistic 25

Women contributed 7.8% vs. men 8.2% to retirement plans in 2022.

Statistic 26

Auto-escalation led to 10.5% average deferral rate in 2023.

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High earners (>$100k) contributed 10.2% average in 2022.

Statistic 28

Roth contributions made up 22% of total 401(k) contributions in 2023.

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Average IRA contribution was $6,500 in 2022 for those contributing.

Statistic 30

Contribution rates for ages 25-34 averaged 6.8% in 2023.

Statistic 31

49% of plans had auto-contribution features boosting rates to 9%.

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Gig workers contributed average 5.2% of freelance income to IRAs in 2023.

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Public sector contribution rate averaged 11.2% in 2022.

Statistic 34

After-tax contributions to 401(k)s averaged 2.1% in mega-plans 2023.

Statistic 35

Low-income workers (<$30k) contributed 5.9% average in 2022.

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28% of participants increased contributions post-raise in 2023.

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Average savings rate needed: 15%; actual 7-8%.

Statistic 38

Men aged 55-64 have median savings $250,000 vs. $150,000 women.

Statistic 39

Black Americans median retirement savings: $42,000 vs. $189,000 white.

Statistic 40

High-income (>$150k) households save 12.5% vs. 3.2% low-income.

Statistic 41

Gen Z (18-25) average balance $13,500; Millennials $60,400.

Statistic 42

Single women save 68% of what single men do in retirement.

Statistic 43

Rural households have 20% lower median savings than urban.

Statistic 44

Baby Boomers average savings $884,000; Silent Gen $1.1M.

Statistic 45

College-educated save 3x more than high school grads.

Statistic 46

Hispanic median savings $35,000 vs. Asian $200,000+.

Statistic 47

Married couples median $225,000 vs. singles $50,000.

Statistic 48

Northeast region highest median savings $120,000; South lowest $65,000.

Statistic 49

LGBTQ+ individuals save 15% less on average due to wage gaps.

Statistic 50

Veterans have 10% higher savings rates than non-vets.

Statistic 51

Self-employed median savings $100,000 vs. $140,000 employed.

Statistic 52

Ages 35-44: women $88,000 median vs. men $110,000.

Statistic 53

Low-wealth quintile (bottom 20%) median $3,000 savings.

Statistic 54

Homeowners save 2.5x more than renters for retirement.

Statistic 55

56% of Americans aged 55+ are at risk of running out of money in retirement.

Statistic 56

Only 44% of workers feel confident their savings will last retirement in 2023.

Statistic 57

Retirement savings shortfall estimated at $4.1 trillion for Silent Generation in 2022.

Statistic 58

49% of households have no personal savings for retirement per SCF 2022.

Statistic 59

Projected replacement rate for average worker: 42% from Social Security + savings.

Statistic 60

74% of retirees withdraw more than 4% annually, risking depletion.

Statistic 61

Adequacy gap for women: 30% higher than men due to longevity.

Statistic 62

Median worker needs $1.46M saved for comfortable retirement per 2023 study.

Statistic 63

51% of Gen Xers not on track for retirement per EBRI 2022.

Statistic 64

Social Security covers only 40% of pre-retirement income for average earner.

Statistic 65

62% of pre-retirees fear outliving savings in 2023 survey.

Statistic 66

Black households face 2.5x higher retirement inadequacy risk.

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Average retiree needs 10x final salary saved; median has 1.6x.

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35% of retirees have less than $50,000 saved total.

Statistic 69

Longevity risk: 50% chance of living to 90 for 65yo couple.

Statistic 70

Hispanic workers have 75% adequacy shortfall vs. whites.

Statistic 71

Pension adequacy dropped to 28% coverage in private sector 2022.

Statistic 72

67% of workers plan to delay retirement due to savings shortfalls.

Statistic 73

Required nest egg for $60k annual spend: $1.7M per 4% rule 2023.

Statistic 74

42% of near-retirees have debt exceeding retirement savings.

Statistic 75

As of 2023, 68% of American workers participated in employer-sponsored retirement plans like 401(k)s.

Statistic 76

In 2022, 55 million Americans actively participated in 401(k) and similar plans.

Statistic 77

Participation rates in defined contribution plans reached 78% among eligible workers in large firms in 2021.

Statistic 78

Only 40% of private sector workers had access to workplace retirement savings plans in 2022.

Statistic 79

Auto-enrollment in 401(k) plans increased participation from 62% to 92% in adopting companies by 2023.

Statistic 80

52% of Gen Z workers were saving for retirement in 2023, up from 45% in 2021.

Statistic 81

Among households headed by someone 55-64, 53% had retirement savings accounts in 2022.

Statistic 82

401(k) participation rate for workers earning $50,000-$74,999 was 71% in 2022.

Statistic 83

IRA ownership stood at 34% of U.S. households in 2022.

Statistic 84

75% of state and local government workers participated in pension plans in 2021.

Statistic 85

Participation in Roth 401(k)s grew to 25% of plans offering it in 2023.

Statistic 86

Among Black workers, 401(k) participation was 59% compared to 72% for white workers in 2022.

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82% of Fortune 500 companies offered 401(k) matching in 2023.

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Small business (<100 employees) participation rates were 48% in 2022.

Statistic 89

Women’s participation in retirement plans lagged men by 5 percentage points at 66% in 2023.

Statistic 90

90% participation in unionized workplaces for DC plans in 2021.

Statistic 91

Hispanic workers had 54% participation rate in employer plans in 2022.

Statistic 92

Gig economy workers showed only 19% retirement savings participation in 2023.

Statistic 93

College graduates had 80% participation versus 45% for non-grads in 2022.

Statistic 94

401(k) balances grew 15% for under 25s from 2021-2023.

Statistic 95

Retirement plan assets projected to reach $50T by 2026.

Statistic 96

Savings rates increased 1.2% post-COVID recovery by 2023.

Statistic 97

ESG investments in retirement plans up 45% since 2020.

Statistic 98

Target-date fund usage rose to 65% of 401(k) assets in 2023.

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Roth IRA conversions surged 28% in 2022.

Statistic 100

Participation expected to hit 80% by 2030 with auto-features.

Statistic 101

Average balance growth: 12% annually 2020-2023.

Statistic 102

Defined contribution plans overtook DB in assets in 2023.

Statistic 103

Gig worker savings projected to double by 2028.

Statistic 104

Inflation-adjusted savings shortfall to widen 20% by 2030.

Statistic 105

Women’s savings gap narrowing 2% per year since 2018.

Statistic 106

Crypto in retirement accounts up from 1% to 8% 2021-2023.

Statistic 107

Secure 2.0 Act to boost contributions 15% by 2025.

Statistic 108

Median savings to rise 25% for Millennials by 2030.

Statistic 109

Pension buyouts increased 30% in 2022-2023.

Statistic 110

AI advisors in plans to cut fees 50% by 2027.

Statistic 111

Emergency savings integration with retirement up 40%.

Statistic 112

Global retirement assets to grow 6% annually to 2030.

Statistic 113

Decumulation products adoption to triple by 2028.

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Picture the retirement you've dreamed of, then consider this sobering truth: while millions participate in workplace plans, a staggering 56% of Americans aged 55+ risk running out of money entirely, exposing a critical gap between saving and true financial security.

Key Takeaways

As of 2023, 68% of American workers participated in employer-sponsored retirement plans like 401(k)s.
In 2022, 55 million Americans actively participated in 401(k) and similar plans.
Participation rates in defined contribution plans reached 78% among eligible workers in large firms in 2021.
The average 401(k) balance for ages 65+ was $232,710 at end of 2022.
Median retirement savings for households 55-64 was $185,000 in 2022.
Average IRA balance reached $129,850 for Vanguard clients in 2023.
Average 401(k) contribution rate was 7.4% of salary in 2023.
Employees contributed average 8.5% to 401(k)s in 2022 per Fidelity.
Employer match averaged 4.7% of salary in plans offering it 2023.
56% of Americans aged 55+ are at risk of running out of money in retirement.
Only 44% of workers feel confident their savings will last retirement in 2023.
Retirement savings shortfall estimated at $4.1 trillion for Silent Generation in 2022.
Average savings rate needed: 15%; actual 7-8%.
Men aged 55-64 have median savings $250,000 vs. $150,000 women.
Black Americans median retirement savings: $42,000 vs. $189,000 white.

Retirement savings success is uneven, with significant gaps by age, income, and race.

Average Savings Amounts

The average 401(k) balance for ages 65+ was $232,710 at end of 2022.
Median retirement savings for households 55-64 was $185,000 in 2022.
Average IRA balance reached $129,850 for Vanguard clients in 2023.
Total 401(k) assets exceeded $7.5 trillion in the U.S. as of 2023.
Average balance for 45-54 year olds in 401(k)s was $168,600 in 2022.
Median 401(k) balance across all ages was $23,000 in 2023.
Average 403(b) balance for participants was $112,400 in 2022.
Households 75+ had average retirement savings of $412,000 in 2022.
Average defined benefit pension value was $245,000 for vested workers in 2021.
Fidelity reported average 401(k) balance of $107,300 for ages 30-49 in 2023.
Total U.S. retirement assets hit $38.4 trillion in Q4 2022.
Median savings for near-retirees (55-64) in IRAs was $87,500 in 2023.
Average balance in employer-sponsored plans for Gen X was $206,900 in 2022.
401(k) balances for millionaires (> $1M) averaged $1.46M in 2023.
Average savings in 457 plans was $98,200 for state/local gov workers in 2022.
Median household retirement savings all ages: $87,000 in 2022 SCF.
Average Roth IRA balance was $34,500 in 2023.
Total DC plan assets: $9.6 trillion as of mid-2023.

Average Savings Amounts Interpretation

While the colossal $38.4 trillion in total U.S. retirement assets sounds impressive, the far more telling and sobering story is that the median balance across all savers is a modest $23,000, revealing a vast chasm between the well-prepared few and the vast majority who are alarmingly underfunded.

Contribution Rates

Average 401(k) contribution rate was 7.4% of salary in 2023.
Employees contributed average 8.5% to 401(k)s in 2022 per Fidelity.
Employer match averaged 4.7% of salary in plans offering it 2023.
Total average contribution (EE+ER) was 12.9% in Vanguard plans 2023.
15% of participants maxed out 401(k) contribution limit ($22,500) in 2022.
Contribution rates rose 0.5% year-over-year to 14.1% combined in 2023.
Women contributed 7.8% vs. men 8.2% to retirement plans in 2022.
Auto-escalation led to 10.5% average deferral rate in 2023.
High earners (>$100k) contributed 10.2% average in 2022.
Roth contributions made up 22% of total 401(k) contributions in 2023.
Average IRA contribution was $6,500 in 2022 for those contributing.
Contribution rates for ages 25-34 averaged 6.8% in 2023.
49% of plans had auto-contribution features boosting rates to 9%.
Gig workers contributed average 5.2% of freelance income to IRAs in 2023.
Public sector contribution rate averaged 11.2% in 2022.
After-tax contributions to 401(k)s averaged 2.1% in mega-plans 2023.
Low-income workers (<$30k) contributed 5.9% average in 2022.
28% of participants increased contributions post-raise in 2023.

Contribution Rates Interpretation

While the average 401(k) contribution is slowly creeping toward a healthy 15% target, the overall picture reveals a sobering reality: many are still saving at a rate better suited for a future of aggressive coupon-clipping than a comfortable retirement.

Demographic Variations

Average savings rate needed: 15%; actual 7-8%.
Men aged 55-64 have median savings $250,000 vs. $150,000 women.
Black Americans median retirement savings: $42,000 vs. $189,000 white.
High-income (>$150k) households save 12.5% vs. 3.2% low-income.
Gen Z (18-25) average balance $13,500; Millennials $60,400.
Single women save 68% of what single men do in retirement.
Rural households have 20% lower median savings than urban.
Baby Boomers average savings $884,000; Silent Gen $1.1M.
College-educated save 3x more than high school grads.
Hispanic median savings $35,000 vs. Asian $200,000+.
Married couples median $225,000 vs. singles $50,000.
Northeast region highest median savings $120,000; South lowest $65,000.
LGBTQ+ individuals save 15% less on average due to wage gaps.
Veterans have 10% higher savings rates than non-vets.
Self-employed median savings $100,000 vs. $140,000 employed.
Ages 35-44: women $88,000 median vs. men $110,000.
Low-wealth quintile (bottom 20%) median $3,000 savings.
Homeowners save 2.5x more than renters for retirement.

Demographic Variations Interpretation

The nation's retirement savings landscape is a sobering comedy of errors where most are underfunding their dreams by half, while the script for success is unfairly distributed by gender, race, and zip code, proving that the only thing compounding faster than wealth is inequality.

Retirement Adequacy

56% of Americans aged 55+ are at risk of running out of money in retirement.
Only 44% of workers feel confident their savings will last retirement in 2023.
Retirement savings shortfall estimated at $4.1 trillion for Silent Generation in 2022.
49% of households have no personal savings for retirement per SCF 2022.
Projected replacement rate for average worker: 42% from Social Security + savings.
74% of retirees withdraw more than 4% annually, risking depletion.
Adequacy gap for women: 30% higher than men due to longevity.
Median worker needs $1.46M saved for comfortable retirement per 2023 study.
51% of Gen Xers not on track for retirement per EBRI 2022.
Social Security covers only 40% of pre-retirement income for average earner.
62% of pre-retirees fear outliving savings in 2023 survey.
Black households face 2.5x higher retirement inadequacy risk.
Average retiree needs 10x final salary saved; median has 1.6x.
35% of retirees have less than $50,000 saved total.
Longevity risk: 50% chance of living to 90 for 65yo couple.
Hispanic workers have 75% adequacy shortfall vs. whites.
Pension adequacy dropped to 28% coverage in private sector 2022.
67% of workers plan to delay retirement due to savings shortfalls.
Required nest egg for $60k annual spend: $1.7M per 4% rule 2023.
42% of near-retirees have debt exceeding retirement savings.

Retirement Adequacy Interpretation

The grim mosaic of American retirement planning reveals a nation clutching at the thin hope of Social Security while staggering under a multi-trillion-dollar shortfall, where the median saver's reality is a bleak fraction of the necessary dream.

Savings Participation

As of 2023, 68% of American workers participated in employer-sponsored retirement plans like 401(k)s.
In 2022, 55 million Americans actively participated in 401(k) and similar plans.
Participation rates in defined contribution plans reached 78% among eligible workers in large firms in 2021.
Only 40% of private sector workers had access to workplace retirement savings plans in 2022.
Auto-enrollment in 401(k) plans increased participation from 62% to 92% in adopting companies by 2023.
52% of Gen Z workers were saving for retirement in 2023, up from 45% in 2021.
Among households headed by someone 55-64, 53% had retirement savings accounts in 2022.
401(k) participation rate for workers earning $50,000-$74,999 was 71% in 2022.
IRA ownership stood at 34% of U.S. households in 2022.
75% of state and local government workers participated in pension plans in 2021.
Participation in Roth 401(k)s grew to 25% of plans offering it in 2023.
Among Black workers, 401(k) participation was 59% compared to 72% for white workers in 2022.
82% of Fortune 500 companies offered 401(k) matching in 2023.
Small business (<100 employees) participation rates were 48% in 2022.
Women’s participation in retirement plans lagged men by 5 percentage points at 66% in 2023.
90% participation in unionized workplaces for DC plans in 2021.
Hispanic workers had 54% participation rate in employer plans in 2022.
Gig economy workers showed only 19% retirement savings participation in 2023.
College graduates had 80% participation versus 45% for non-grads in 2022.

Savings Participation Interpretation

While we're collectively realizing that the easiest way to save is to be automatically enrolled into a good plan offered by a large employer, the sobering truth is that your retirement security still depends heavily on your job's generosity, your education, and your race.

Trends and Projections

401(k) balances grew 15% for under 25s from 2021-2023.
Retirement plan assets projected to reach $50T by 2026.
Savings rates increased 1.2% post-COVID recovery by 2023.
ESG investments in retirement plans up 45% since 2020.
Target-date fund usage rose to 65% of 401(k) assets in 2023.
Roth IRA conversions surged 28% in 2022.
Participation expected to hit 80% by 2030 with auto-features.
Average balance growth: 12% annually 2020-2023.
Defined contribution plans overtook DB in assets in 2023.
Gig worker savings projected to double by 2028.
Inflation-adjusted savings shortfall to widen 20% by 2030.
Women’s savings gap narrowing 2% per year since 2018.
Crypto in retirement accounts up from 1% to 8% 2021-2023.
Secure 2.0 Act to boost contributions 15% by 2025.
Median savings to rise 25% for Millennials by 2030.
Pension buyouts increased 30% in 2022-2023.
AI advisors in plans to cut fees 50% by 2027.
Emergency savings integration with retirement up 40%.
Global retirement assets to grow 6% annually to 2030.
Decumulation products adoption to triple by 2028.

Trends and Projections Interpretation

While we're impressively turning our 401(k)s into digital fortresses with target-date funds and crypto, the sobering truth is we're still racing on a treadmill, sprinting toward a retirement finish line that inflation keeps moving just out of reach.

Sources & References

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