Are you on track? Here's the average 401(k) balance for Americans in their 60s in 2026

The average 60-year-old retires in the US with $568,040 (2025 numbers) in their 401(k) accounts. It’s lower than the $607,055 average for people in their 50s, as people tend to start taking out money once they enter the sixties.

But the impact of taking out pre- mature money is only realised later by retirees, as they compare to others their age and contemplate how much they really need for retirement. The average balance in 401(k) across age groups was $188,792, but averages are misleading because a few very high or low balances can change the number a lot.

Average 401(k) balance

Many people worry their savings are not enough. A survey found 47% of Baby Boomers aren’t confident they can retire comfortably. Another 11% are unsure. Baby Boomers think they need $760,000 to retire comfortably. Gen X thinks they need $1.18 million. Most people in their 60s have less than this.


Averages also tend to rule out the consideration of different lifestyles and both chronic and impending health conditions. One barometer is to save up eight years worth of your yearly income: for example if you make $75,000 a year, you should have $600,000, Investopedia reported. Another one is the 4% rule, which says that 25 times your yearly income is the least that should be saved up by your retirement.

Most retirees don’t rely only on their 401(k). They also get Social Security, IRAs, investments, or may work part-time. The survey found 90% of Baby Boomers and 71% of Gen X expect Social Security to be their main retirement income. Only about half of Millennials (55%) and Gen Z (51%) do.

5 ways to boost your 401(k) before retirement

• Make catch-up contributions: People 60–63 can add $11,250 extra to their $23,500 limit, making a total of $34,750 in 2025. Age 64+ can add $7,500 extra, totaling $31,000.
• Use workplace benefits: Financial planner Alexa Kane says, “If your employer offers a match on retirement contributions, contribute enough to get the full match.” Automating contributions is also recommended.
• Reallocate assets: Younger people hold more stocks, but as you near retirement, you usually shift to safer investments like bonds. Don’t rush to conservative assets if you’re behind—growth may help before retirement.
• Consider downsizing: Moving to a smaller home now can reduce property taxes, maintenance, insurance, and utility costs. Lower expenses now can let you save more in your 401(k).
• Work with an advisor: Kane says, “There are many pictures of retirement… ‘You can do anything, but not everything.’” Advisors help plan how much to save and what kind of retirement fits your money and goals.

Advisors can also guide international moves, taxes, and other planning decisions. Kane adds, “A large international move requires careful planning and an understanding of associated laws and regulations”, as stated by Investopedia.

FAQs

Q1. What is the average 401(k) balance for people in their 60s?

In 2026, the average 401(k) for people in their 60s is around $568,000.

Q2. How can people in their 60s boost their 401(k) before retirement?

They can make catch-up contributions, use employer matches, adjust investments, downsize, or work with a financial advisor.