Average 401(k) balance in your 60s: How do you stack up?

Introduced in the late 1970s, 401(k)s use pre-tax money to help you maximize your retirement savings. Today, nearly two-thirds of U.S. workers have access to a 401(k) or similar defined contribution plans, according to the Bureau of Labor Statistics. More than a third (35%) say an employer-sponsored plan is their primary (or only) retirement vehicle.

According to data from investment management firm Vanguard, the average 401(k) balance for a 64-year-old in 2024 was $271,320. But averages can be skewed by outliers — the median 401(k) balance for a 64-year-old is just $95,642.

Balances tend to grow as workers get older and have had more time to contribute and see investments pay off. Across all ages, the average 401(k) balance reached a record average of $148,153 and a median of $38,176.

It's helpful to know how much other people have saved, but personal retirement goals vary greatly — as does the cost of living, health care needs and other factors.

Americans of retirement age spent an average of $59,616 a year in 2025, or about $5,000 a month. That might not be enough for your lifestyle, though.

Many experts recommend saving enough to have 70% to 80% of your current salary available.

401(k): If you have access to a 401(k) or other employer-backed plan, try to take advantage of it to its fullest extent — including by maximizing any employer match program.

IRA: You contribute after-tax money with a Roth IRA, so you won't be taxed when you make withdrawals and are likely in a higher bracket. Plus, IRAs aren't tied to your employer, so you can keep contributing if you leave your company.

If you want a hands-off approach, Betterment's robo-advisor can design an IRA portfolio that will automatically adjust allocations by goal, time horizon and risk tolerance.

Rather be more involved? Charles Schwab will let you pick your own investments and get personalized advice from a financial advisor.

Annuities: An annuity can also provide guaranteed income for life, reassuring people who worry they'll outlive their retirement savings. Annuities sales has soared in recent years to a record $461 billion in 2025

Health Savings Account (HSA): Workers with a high-deductible medical plan can enroll in an HSA to defray medical and over-the-counter expenses. Contributions roll over indefinitely and, after 65, can be used for any reason. The One Big Beautiful Bill expanded eligibility for HSAs, and participation is now on track to increase by 3 to 4 million in 2026, Morningstar reported.

Reverse mortgage: If you have substantial (or full) home equity and are at least 62, you may be eligible for a reverse mortgage, a lump-sum loan for up to 60% of the house's value. As long as you keep living there, you don't have to make any payments. The money is due in full when you move out or pass away. The lender can foreclose if you don't keep up with maintenance, taxes or insurance payments, however, and your loved ones could be saddled with a financial knot to untangle after you die.

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