Overview
- Federal Reserve figures indicate that only 77% of people ages 55 to 64 have dedicated retirement savings, and just about half of those 60 and older say they are on track.
- Vanguard’s 2025 participant data show a median 401(k) balance of $95,642 for ages 55 to 64, underscoring how averages are skewed by a small number of high balances.
- Federal Reserve data put the share with $1 million or more in retirement accounts at roughly 2.5% of all Americans and 3.2% of retirees, even as Fidelity counted about 497,000 401(k) millionaires in 2024.
- Fidelity reports millennials averaged about $80,700 in 401(k)s as of September 2025, with contribution rates near 13.4% including employer matches despite recession-era setbacks and student debt.
- A Schroders survey finds Gen X expects a shortfall of more than $400,000 versus what they think they’ll need, while only 14% of Vanguard DC participants max out contributions, and 2026 limits of $24,500 plus a $7,500 catch-up highlight the value of auto-enroll, auto-escalation, and disciplined saving exemplified by a saver who retired at 49 after consistently maxing a 401(k) and HSA.