401(k) Balances for 50-Somethings Range from $188K to $635K, Experts Urge Catch-Up Saving

Americans in their 50s hold average 401(k) balances between $188,643 and $635,320, according to data from major plan providers. With retirement typically beginning at age 62, financial experts stress the urgency of closing savings gaps now. Fidelity recommends six times current income by age 50, rising to eight times by age 60. T. Rowe Price suggests five times income at age 50 and seven times by age 55. Vanguard’s 2025 report shows a median 401(k) balance of $148,153 across all ages. Meanwhile, Charles Schwab’s 2025 survey found workers expect to need $1.6 million for retirement—down from $1.8 million in 2024. The Transamerica Retirement Survey reveals 69% of workers believe they won’t have enough saved even if they work until retirement. Increasing contributions, leveraging IRAs, and optimizing taxable accounts are key strategies for those aiming to close the gap.