This Is the Average 401(k) Balance for Retirees Age 65 and Older
While Americans now believe they'll need $1.46 million to retire comfortably, according to a Northwestern Mutual survey, most workers don't have this amount saved by the time they retire. If you're wondering how much people ages 65 and older have in 401(k)s, the below numbers will give you a glimpse of reality.
The average balance in a 401(k) account for American workers 65 and older was $232,710 in 2022, while the median was only $70,620, according to a Vanguard analysis. Averages may tilt higher than the median due to higher-income earners or those with larger nest eggs skewing the average upward. Nevertheless, these numbers provide a general idea of how Americans are doing in this age group.
Image source: Getty Images.
Source Fool.com
