This baby boomer retirement fund statistic ‘shocked’ Dave Ramsey’s daughter. How do your savings stack up?

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So when she saw the amount of funds boomers have stashed in their 401(k)s, she was “shocked” (1).The startling stat? At the end of 2024, baby boomers had an average 401(k) balance of just $249,300, according to Fidelity (2). By the end of 2025, that figure had only risen to $267,900, a change of just 7% (3).Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPMost Americans earn a dismal 0.39% APY on their cash at big banks. Unlock up to 4.05% APY and pay $0 in account fees instead with a Wealthfront Cash AccountIf that’s all boomers have saved for retirement, they could be in trouble, with Cruze noting “that’s less than what I’d be comfortable with.”With the youngest boomers now 62, much of the generation is already retired or nearing retirement. But just because you’ve achieved sexagenarian status doesn’t mean you’re financially ready to retire.“Retirement is not an age,” Cruze emphasized on her YouTube channel. “It’s a number.”And that number has less to do with the years you’ve lived and more to do with the funds you’ve saved.Here’s a closer look at baby boomers’ financial state — and what it takes to get ahead on the path to financial freedom.According to a 2025 Vanguard report, only the top 30% of income-earning baby boomers are ready for retirement (4).Vanguard also found that median-income individuals are expected to experience an annual spending shortfall of $5,000, or 13% of their overall spending needs, in retirement.That could make for a significant change in lifestyle.Meanwhile, a 2025 Northwestern Mutual research study found that the average “magic number” Americans think they will need for retirement is $1.26 million. With average savings and net worth well below that figure, it’s no surprise that the study also found 51% of Americans think it’s somewhat or very likely they will outlive their savings (5).With limited resources, many boomers may be forced to take on debt, rely heavily on Social Security, cut back their lifestyles or even return to work to maintain their quality of life.Of course, none of these paths are optimal — especially since one of the key rules of thumb for retirement readiness is to be debt-free, according to Cruze.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,873.07 +35.32 (+0.52%)Dow 3049,113.72 +309.66 (+0.63%)Nasdaq22,813.58 +186.31 (+0.82%)Russell 20002,644.23 +23.24 (+0.89%)VIX19.87 -1.14 (-5.42%)Gold5,161.30 -64.30 (-1.23%)Trending tickersAMD Advanced Micro Devices, Inc. 210.23 +13.63 (+6.93%)BTC-USD Bitcoin USD 63,832.58 -1,666.62 (-2.54%)IBM International Business Machines Corporation 231.40 +8.05 (+3.60%)F Ford Motor Company 14.16 +0.52 (+3.84%)IOVA Iovance Biotherapeutics, Inc. 3.6450 +0.7550 (+26.12%)PortfolioSign in to access your portfolioSign inTop gainersKEYS Keysight Technologies, Inc. 301.96 +56.96 (+23.25%)DRS Leonardo DRS, Inc. 43.58 +5.44 (+14.26%)IBRX ImmunityBio, Inc. 11.11 +1.27 (+12.97%)WLK Westlake Corporation 104.05 +11.03 (+11.86%)FRMI Fermi Inc. 10.10 +1.12 (+12.47%)Top losersXMTR Xometry, Inc. 43.45 -13.70 (-23.97%)CECO CECO Environmental Corp. 61.99 -15.69 (-20.20%)AWI Armstrong World Industries, Inc. 174.24 -18.59 (-9.64%)WHR Whirlpool Corporation 75.39 -7.82 (-9.40%)DDS Dillard's, Inc. 590.52 -55.66 (-8.67%)Most activeNVDA NVIDIA Corporation 191.97 +0.42 (+0.22%)INTC Intel Corporation 45.13 +1.50 (+3.43%)AMD Advanced Micro Devices, Inc. 209.80 +13.20 (+6.71%)PLUG Plug Power Inc. 1.8950 +0.0550 (+2.99%)F Ford Motor Company 14.16 +0.52 (+3.79%)Top economic eventsEarnings eventsMy earnings eventsEarnings events