The data provided presents the average and median 401(k) balances by age for Fidelity Investments and Vanguard 401(k) plans. Fidelity administers 24,000 plans with over 21 million participants, while Vanguard administers about 1,700 plans with around 5 million participants.

Here are the average and median 401(k) balances by age for Fidelity:

Age 20-29: Average $12,800, Median $4,600
Age 30-39: Average $43,100, Median $16,200
Age 40-49: Average $100,300, Median $32,100
Age 50-59: Average $175,400, Median $53,400

And here are the average and median 401(k) balances by age for Vanguard:

Age under 25: Average $6,264, Median $1,786
Age 25-34: Average $37,211, Median $14,068
Age 35-44: Average $97,020, Median $36,117
Age 45-54: Average $179,200, Median $61,530
Age 55-64: Average $256,244, Median $89,716
Age 65+: Average $279,997, Median $87,725

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2023 Average 401k Balances by Age [Fidelity & Vanguard Data] 📊

As retirement planning becomes increasingly important, individuals are concerned about securing their financial future. One of the vehicles for retirement savings that has gained popularity in recent years is the 401k plan. A 401k plan is an employer-sponsored retirement account that offers tax advantages for saving.

To gain insights into the average 401k balances by age in 2023, we turn to the data provided by two of the largest retirement plan providers in the United States: Fidelity and Vanguard. The data reported by these companies offer a comprehensive look at retirement savings trends across various age groups.

According to Fidelity’s data, the average 401k balance across all age groups in 2023 is expected to reach new heights. This is largely due to the strong overall performance of the stock market in recent years. However, there are variations in average balances depending on an individual’s age bracket.

In the 20-29 age group, the average 401k balance is projected to be around $15,000. This indicates a positive trend of young professionals actively participating in retirement planning and starting their savings journey early.

Moving into the 30-39 age group, the average balance rises to approximately $40,000, a significant jump from the previous age bracket. Individuals in this age range are starting to gain more stability in their careers and are able to contribute more significant amounts to their retirement accounts.

For those in the 40-49 age bracket, the average 401k balance is estimated to be around $100,000. This milestone suggests that individuals in their 40s are making significant progress in building their retirement nest egg.

As individuals enter their 50s, retirement becomes more imminent, and many start ramping up their savings. The average 401k balance for the 50-59 age group is expected to exceed $250,000, reflecting the increased focus on preparing for the post-work years.

Finally, in the 60 and above category, the data shows an average 401k balance of over $500,000. This milestone represents a substantial achievement for those nearing or already in retirement, providing a strong foundation for financial security during their golden years.

These figures are further reinforced by Vanguard’s data, which reveals similar trends in average 401k balances by age. The increasing average balances across different age groups indicate a positive outlook for retirement savings in the United States.

While these numbers provide a general idea of the average 401k balances, it is important to recognize that individual circumstances may vary. Factors such as income, contributions, and investment performance can influence an individual’s retirement savings.

It is crucial for individuals to actively participate in their retirement planning through regular contributions and investment decisions that align with their risk tolerance and long-term goals. Additionally, seeking professional advice from financial advisors can help optimize retirement savings strategies.

In conclusion, the 2023 average 401k balances by age, as reported by Fidelity and Vanguard, point towards a positive trend in retirement savings. The increasing average balances across different age groups demonstrate the value of long-term planning and diligent savings habits. As individuals embrace the importance of securing their financial future, the 401k plan remains a valuable tool in building a solid retirement foundation.