Retirement savings can look very different across age, account type, and employer access. This page walks through the numbers behind common plan balances and the habits that influence them—like how much people contribute, how employer matching works, and who participates. You’ll also see how preparation varies by gender, race, and ethnicity, plus key hurdles such as falling short of retirement goals and fears about outliving savings.
Key Takeaways
- The average 401(k) or similar plan balance for participants aged 65 and older was $232,710 as of December 31, 2023
- Fidelity reports the average 401(k) balance for savers aged 60-69 reached $232,710 by Q4 2023
- Vanguard's 2024 How America Saves notes median 401(k)/IRA balance for ages 65+ at $88,400
- The average employee contribution rate to 401(k) plans was 7.4% of salary in 2023 per Vanguard
- Fidelity savers contributed an average of 8.9% to 401(k)s in 2023
- EBRI/ICI data shows average participant deferral rate of 7.3% in 2022 401(k)s
- Black households have 23% of white household retirement wealth per Fed SCF 2022
- Women hold 58% less in retirement savings than men per Fidelity 2023
- Vanguard: Gen Z participation up 25% since 2020 in 401(k)s 2023
- 67% of American workers had access to employer-sponsored retirement plans in 2022 per BLS
- Fidelity participation rate in 401(k)s reached 88% of eligible employees in 2023
- Vanguard reports 83% participation rate in auto-enrollment 401(k) plans in 2023
- 49% of U.S. households have no retirement savings per Fed SCF 2022
- Northwestern Mutual study: 51% fear outliving savings, average gap $138,000
- EBRI Retirement Confidence Survey: 54% Gen X not on track for retirement 2023
Many near retirement, yet balances are uneven, and most workers feel unprepared for retirement.
Related reading
01 · Category
Average Balances And Assets29 stats
01
The average 401(k) or similar plan balance for participants aged 65 and older was $232,710as of December 31, 2023
02
Fidelity reports the average 401(k) balance for savers aged 60-69 reached $232,710by Q4 2023
03
Vanguard's 2024 How America Saves notes median 401(k)/IRA balance for ages 65+ at $88,400
04
Average IRA balance across all ages was $129,200for Fidelity customers in 2023
05
Schwab's 2023 401(k) Year-End Analysis shows average participant balance of $112,400
06
EBRI/ICI 401(k) database reports average account balance of $134,128for 2022 year-end
07
Median 401(k) balance per Vanguard for ages 45-54 was $71,150in 2023
08
Fidelity average 401(k) balance for ages 50-59 hit $219,100in Q4 2023
09
Total U.S. retirement assets reached $38.6 trillion in Q4 2023 per ICI
10
Average 403(b) balance for Vanguard participants was $62,900in 2023
11
Fidelity reports average Roth 401(k) balance of $11,200for 2023
12
Median balance in defined contribution plans was $35,286per EBRI 2022 data
13
Vanguard average balance for ages 35-44 was $37,500in 2023 401(k)s
14
Schwab average 401(k) balance for long-tenured participants (15+ years) was $367,500in 2023
15
ICI notes IRAs held $12.5 trillion in assets end of 2023
16
Fidelity median 401(k) balance across all ages was $28,300in Q4 2023
17
Average DC plan balance for ages 25-34 was $13,500per Vanguard 2023
18
EBRI average 401(k) balance for participants aged 55-64 was $215,600in 2022
19
Total 401(k) assets exceeded $7.4 trillion in 2023 per ICI
20
Fidelity average balance for new retirees (age 60+) in IRAs was $226,000in 2023
21
Vanguard median balance for ages 55-64 was $71,150in 2023
22
Schwab reports average balance growth of 14.7% in 2023 for 401(k)s
23
Average Keogh plan balance was $145,200per ICI 2023 data
24
Fidelity average 401(k) for ages 70+ was $265,500in Q4 2023
25
EBRI median for ages 65+ in 401(k)s was $70,620end 2022
26
Vanguard total participant assets in DC plans hit $10.1 trillion in 2023
27
Average balance in closed-end funds for retirement was $2.5 million per ICI
28
Fidelity reports average IRA rollover balance of $125,000in 2023
29
Schwab median 401(k) balance was $31,400across participants in 2023
Interpretation
Average Balances And Assets Interpretation
Across major “Average Balances And Assets” data sources, average 401(k) balances for older savers cluster around roughly $232,710 by late 2023, yet the corresponding median for ages 65 and up is much lower at $88,400, underscoring that averages rise with higher balances even as typical accounts remain far more modest.
02 · Category
Contribution And Withdrawal Rates25 stats
01
The average employee contribution rate to 401(k) plans was 7.4% of salary in 2023 per Vanguard
02
Fidelity savers contributed an average of 8.9% to 401(k)s in 2023
03
EBRI/ICI data shows average participant deferral rate of 7.3% in 2022 401(k)s
04
Vanguard employer match averaged 4.3% of salary in 2023 plans
05
Fidelity reports 15.6% of 401(k) savers at 15%+ contribution rate in 2023
06
Average withdrawal rate in retirement for Fidelity IRA clients was 3.9% in 2023
07
Schwab notes average contribution limit utilization of 12% of salary in 2023
08
ICI reports total 401(k) contributions grew 12% to $580 billion in 2023
09
Vanguard average total contribution rate (employee+employer) was 11.9% in 2023
10
Fidelity employee contribution rate increased to 8.2% average in Q4 2023
11
EBRI finds 66% of 401(k) participants contributed in 2022, average rate 7.2%
12
Average Roth contribution rate was 5.1% per Vanguard 2023 data
13
Fidelity safe withdrawal rate benchmark met by 25% of retirees in 2023
14
Schwab employer contribution average 4.7% in 2023 401(k) plans
15
ICI IRA contributions totaled $75 billion in 2023
16
Vanguard auto-enrollment plans saw 82% participation with 6.3% contrib rate
17
Fidelity reports average catch-up contribution of $3,200for eligible in 2023
18
EBRI average withdrawal from 401(k)s post-retirement was 4.2% in 2022
19
Fidelity 401(k) contribution rates highest at 9.5% for ages 40-49 in 2023
20
Vanguard total DC contributions averaged $8,900per participant in 2023
21
Schwab withdrawal rates averaged 4.1% for retirees in 2023
22
ICI notes 401(k) withdrawal assets processed $120 billion in 2023
23
Average after-tax contribution rate 1.2% per Vanguard 2023
24
Fidelity mega-backdoor Roth utilization in 5% of plans with $10k avg in 2023
25
78% of Vanguard plans had auto-contribution escalation averaging 0.5% annually
Interpretation
Contribution And Withdrawal Rates Interpretation
Across contribution and withdrawal rates, savers are generally putting money in at modest levels, with average 401(k) contributions around 7.3% to 8.9% and employer matches averaging 4.3%, while withdrawals in retirement are comparatively low at 3.9% for Fidelity IRA clients in 2023.
03 · Category
Demographic And Trend Analysis25 stats
01
Black households have 23% of white household retirement wealth per Fed SCF 2022
02
Women hold 58% less in retirement savings than men per Fidelity 2023
03
Vanguard: Gen Z participation up 25% since 2020 in 401(k)s 2023
04
EBRI: Hispanic workers participation 58% vs 68% white in 2022 plans
05
BLS: Union workers 87% coverage vs 49% non-union 2022
06
ICI: Baby Boomers held 45% of retirement assets in 2023
07
Fidelity: Average balance for women $168k vs $253k men ages 50-59 2023
08
Census: Median savings for college grads $120k vs $20k no HS 2022
09
Vanguard contribution rates 8.1% men vs 7.6% women in 2023
10
EBRI RCS: 45% women vs 33% men worried about shortfall 2023
11
Fed SCF: Median Gen X retirement savings $102,000in 2022
12
Transamerica: Millennials save 9.2% income avg vs 10.5% Boomers
13
Fidelity Roth adoption 22% among millennials 2023
14
Vanguard: High-income ($100k+) balances avg $320k vs $45k low-income 2023
15
SSA: Women receive 80% of men's benefits due to earnings gap
16
BLS: Part-time workers 16% coverage vs 55% full-time 2022
17
ICI: Silent Generation assets declining 5% YoY to 12% total 2023
18
Fidelity: Gen Z avg balance $5,200up 50% from 2022
19
EBRI: Rural workers lower participation 55% vs 70% urban 2022
20
Vanguard ESG fund adoption 15% higher among younger savers 2023
21
Census: Married couples median $250k savings vs $50k singles 2022
22
Transamerica: Self-employed save 11% vs 8% employed 2023
23
Fidelity women retiring 3 years earlier impacting savings 2023
24
Fed: Top 10% hold 80% retirement wealth disparity 2022 SCF
25
Vanguard balances for ages 65+ up 25% since 2020 trend
Interpretation
Demographic And Trend Analysis Interpretation
Demographic and trend analysis shows a clear retirement readiness gap and shifting participation, with Black households holding only 23% of white household retirement wealth and women holding 58% less than men, while Gen Z 401(k) participation rose 25% since 2020 and Baby Boomers still held 45% of retirement assets in 2023.
More related reading
04 · Category
Plan Participation And Coverage22 stats
01
67% of American workers had access to employer-sponsored retirement plans in 2022 per BLS
02
Fidelity participation rate in 401(k)s reached 88% of eligible employees in 2023
03
Vanguard reports 83% participation rate in auto-enrollment 401(k) plans in 2023
04
EBRI notes 52 million active 401(k)/IRA participants in 2022
05
DOL data shows 70% of private sector workers covered by retirement plans in 2023
06
ICI estimates 70 million Americans in DC plans end 2023
07
Schwab participation rate averaged 87% in administered 401(k)s 2023
08
15% of workers participated in multiple retirement plans per EBRI 2022
09
Vanguard solo 401(k) plans grew 20% to 45,000 in 2023
10
Fidelity reports 92% participation in plans with auto-escalation features 2023
11
BLS NPS shows 40% participation rate among private industry workers 2022
12
55% of state/local government workers covered by pensions per DOL 2023
13
ICI IRA ownership at 35% of U.S. households in 2023
14
Vanguard 403(b) participation rate 75% in 2023 plans
15
Fidelity small business 401(k) participation 65% average 2023
16
EBRI finds 68% of Gen X in employer plans 2022
17
DOL EBSA reports 89 million covered by private pensions 2023
18
Schwab SIMPLE IRA participation up 12% in 2023
19
62% of full-time workers had retirement coverage per Census 2022
20
Vanguard reports 28% of plans offered Roth options with 18% uptake 2023
21
Fidelity HSAs used for retirement by 20% of participants 2023
22
ICI total DC plan participants 100 million+ in 2023
Interpretation
Plan Participation And Coverage Interpretation
In the Plan Participation and Coverage landscape, access and enrollment remain broad but uneven, with about 67% of American workers having employer-sponsored plans in 2022 and coverage of 70% of private sector workers in 2023, while participation is even higher where plans are offered, reaching 88% at Fidelity and 83% in Vanguard auto-enrollment 401(k)s in 2023.
05 · Category
Retirement Readiness And Shortfalls30 stats
01
49% of U.S. households have no retirement savings per Fed SCF 2022
02
Northwestern Mutual study: 51% fear outliving savings, average gap $138,000
03
EBRI Retirement Confidence Survey: 54% Gen X not on track for retirement 2023
04
Fidelity projects $1.6 million needed for comfortable retirement in 2024
05
56% of Americans have less than $10,000 saved for retirement per GoBankingRates 2023
06
GAO reports 48% of households age 55+ have no savings 2023
07
Transamerica: Average expected retirement age 67 but 57% save <10% income
08
40% shortfall in retirement income projected for near-retirees per SSA
09
Vanguard: Only 24% on pace for target savings rate in 2023 plans
10
Fidelity: Average worker on track for 77% of retirement goal in 2023
11
EBRI: 53% of early Boomers have savings replacement rate <50%
12
64% of retirees spend more than planned first year per Natixis 2023
13
Urban Institute: Median retiree net worth $289,500but 25% below poverty line risk
14
71% of pre-retirees have no long-term care plan per AARP 2023
15
Morningstar: Savers need 15x salary at 67, average at 7x per 2023
16
37% of workers have no DC or IRA savings per Fed 2022 SCF
17
TIAA Institute: 44% at risk of running out of money in retirement
18
28% of Americans retire with debt averaging $94,000 per 2023 study
19
EBRI RCS: 88% desire comfortable retirement but 36% no plan
20
Fidelity gap analysis: Women need $1.3M, have $700k projected 2023
21
45% of households near retirement have <$100k saved per Census 2022
22
SSA trustees: Social Security covers 40% replacement, need 70-80% total
23
Vanguard: 50% of participants under-saved by 30%+ of target 2023
24
62% of non-white workers expect shortfall per Transamerica 2023
25
Fidelity: Men projected 82% of goal, women 74% in 2023 analysis
26
GAO: 29% of older adults have no retirement savings 2023
27
55% of millennials fear not retiring comfortably per Natixis 2023
28
EBRI: Projected income replacement 52% for average worker 2023
29
TIAA: Women face 30% larger shortfall than men in retirement
30
Vanguard balances grew 19% but 40% still below target multiples 2023
Interpretation
Retirement Readiness And Shortfalls Interpretation
Across the retirement readiness and shortfalls landscape, the data shows that many Americans are far behind, with 49% of U.S. households having no retirement savings and 48% of households age 55 and older also reporting none.
report visual · Comparison
How big are retirement savings for older participants?
Across major plan databases, balances for older savers vary widely by source and whether averages or medians are used.
Fidelity average 401(k) for ages 70+ was $265,500 in Q4 2023$265,500
The average 401(k) or similar plan balance for participants aged 65 and older was $232,710 as of December 31, 2023
$232,710
Vanguard's 2024 How America Saves notes median 401(k)/IRA balance for ages 65+ at $88,400
$88,400
EBRI median for ages 65+ in 401(k)s was $70,620 end 2022
$70,620
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Sophie Moreland. (2026, February 13). Retirement Savings Statistics. Gitnux. https://gitnux.org/retirement-savings-statistics
MLA
Sophie Moreland. "Retirement Savings Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/retirement-savings-statistics.
Chicago
Sophie Moreland. 2026. "Retirement Savings Statistics." Gitnux. https://gitnux.org/retirement-savings-statistics.
Sources & references
20 datasets cited across this report · attribution is report-level