Average 401(k) Balance for People in Their 60s in 2026—What You Need to Know

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Katharine PaljugSun, January 11, 2026 at 4:02 PM GMT+1 7 min readPatricio Nahuelhual / Getty ImagesYou can boost your savings by downsizing now instead of in retirement, taking advantage of higher catch-up contributions in your 60s, and reallocating assets to prioritize growth.The average 401(k) balance for people in their 60s was $568,040 as June 2025. The median amount saved was much lower, at $188,792.How much you need to have saved for retirement will depend on your lifestyle and annual spending expectations. One rule of thumb is to save eight times your annual preretirement income by age 60.When you hit your 60s and retirement is right around the corner, you might find yourself thinking a lot about your 401(k). How does what you have saved compare to other people your age? And how much do you really need for retirement?While it can be tempting to compare your savings to your peers, how much you need to have saved will depend on when you plan to retire and what you want that retirement to look like.According to Empower, the average 401(k) balance for someone in their 60s was $568,040 as of June 2025. This balance was slightly lower than the $607,055 average 401(k) balance for those in their 50s, presumably because some people in their 60s have already retired and begun taking distributions from their 401(k).Keep in mind that averages can be easily skewed: just a few 401(k)s with very high (or very low) balances can drastically impact the average. That's why the median or middle-of-the-road figure is important. The median amount in June 2025 was $188,792.If you’re looking at these numbers and worrying about how your own retirement savings compare, you’re not alone. According to a survey by Western & Southern Financial Group, 47% of Baby Boomers (who make up the majority of those in their 60s, as the oldest members of Generation X turn 60 in 2025) are not confident in their ability to retire comfortably. Another 11% of Baby Boomers are unsure whether they'll be able to retire comfortably.The same survey clearly identified why: Baby boomers believe they need an average of $760,000 saved to retire comfortably. Gen X expects to need even more: $1.18 million. Average and median 401(k) savings for those in their 60s are far below these amounts.However, how much you need to retire depends on a variety of factors, particularly your lifestyle and your health. Rather than looking solely at averages, it’s helpful to look at your personal situation to determine how much you need to save.One retirement savings rule suggests having eight times your preretirement annual income saved by age 60. So if you make $75,000 per year, you would need $600,000 saved by age 60.Another calculation is based on the 4% rule, which suggests that retirees withdraw 4% of their 401(k) in their first year of retirement, then adjust this for inflation in each following year. Following this rule would mean you need to have 25 times your annual expenses saved. So if you expect to spend $36,000 a year in retirement, you will need to have $900,000 saved.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,977.27 +10.99 (+0.16%)Dow 3049,590.20 +86.13 (+0.17%)Nasdaq23,733.90 +62.56 (+0.26%)Russell 20002,635.69 +11.47 (+0.44%)VIX15.12 +0.63 (+4.35%)Gold4,592.80 -21.90 (-0.47%)Trending tickersEVTV Envirotech Vehicles, Inc. 2.5100 +2.0469 (+442.00%)BABA Alibaba Group Holding Limited 166.31 +15.35 (+10.17%)BTC-USD Bitcoin USD 91,184.59 +568.07 (+0.63%)NVAX Novavax, Inc. 7.75 +0.48 (+6.60%)COF Capital One Financial Corporation 233.20 -16.00 (-6.42%)PortfolioSign in to access your portfolioSign inTop gainersBEAM Beam Therapeutics Inc. 33.69 +6.14 (+22.29%)HYMC Hycroft Mining Holding Corporation 33.00 +5.87 (+21.64%)KC Kingsoft Cloud Holdings Limited 13.40 +2.38 (+21.60%)ADPT Adaptive Biotechnologies Corporation 18.26 +2.50 (+15.86%)BLLN BillionToOne, Inc. 99.15 +13.21 (+15.37%)Top losersATEC Alphatec Holdings, Inc. 17.59 -5.06 (-22.34%)NUVB Nuvation Bio Inc. 6.46 -1.58 (-19.65%)ANF Abercrombie & Fitch Co. 102.78 -22.09 (-17.69%)APLS Apellis Pharmaceuticals, Inc. 23.20 -4.10 (-15.02%)SMMT Summit Therapeutics Inc. 17.04 -2.64 (-13.41%)Most activeONDS Ondas Holdings Inc. 13.19 -0.50 (-3.65%)NVDA NVIDIA Corporation 184.94 +0.12 (+0.06%)PLUG Plug Power Inc. 2.2800 +0.0900 (+4.11%)INTC Intel Corporation 44.06 -1.49 (-3.27%)AAL American Airlines Group Inc. 16.00 +0.01 (+0.06%)Top economic eventsEarnings eventsMy earnings eventsEarnings events