A average 401k balance of $171,623 between age 55 and 64 is not going to fund much of a retirement. Use the link below to see how you compare.
The average 401(k) balance is $92,148, according to a 2019 Vanguard analysis of over 5 million 401(k) plans issued by the company. But most people don’t have that amount of retirement savings.
The median 401(k) balance is $22,217, a better indicator of what the majority of Americans have saved for retirement.
According to Vanguard’s data, account balances increase with age and income level. Average savings balances are also influenced by gender and industry.