Here's how much money Americans have in their 401(k)s at every income level—see how you compare
How much do Americans believe they need to retire comfortably?
Americans believe they need $1.46 million to retire comfortably, according to Northwestern Mutual's 2024 Planning & Progress Study. This "magic number" has surged to an all-time high, rising much faster than the rate of inflation and swelling more than 50% since the onset of the pandemic.
What income level has the highest 401(k) median balance in 2023?
The income level with the highest 401(k) median balance in 2023 is $150,000 or more, with a median account balance of $188,678. This is based on Vanguard's annual How America Saves report, which tracked the performance of 401(k)s and similar plans in 2023.
How much has the median 401(k) balance increased compared to the previous year?
The median 401(k) balance has increased by 29% compared to the previous year, according to Vanguard's annual How America Saves report. The report tracks the performance of 401(k)s and similar plans, revealing that the median account balance in the U.S. is now $35,286 due to a mix of market gains and ongoing contributions.