How Much Should a 57-Year-Old Have in a 401(k)? The Average Balance May Surprise You

At 57, retirement is no longer a distant idea for many workers. With just several years left before leaving the workforce, it is natural to wonder whether savings are keeping pace.

That question does not have a single answer, because the benchmark you choose matters. Average 401(k) balances can look impressive, but they are often lifted by a small group of extremely large accounts.

For a clearer picture, many savers look at median figures instead. Fidelity and Vanguard both publish age-based retirement benchmarks, as well as salary-based savings targets, giving workers another way to gauge their progress.

What 57-year-olds typically have saved

Recent Fidelity retirement data show that Americans ages 55 to 59 have an average 401(k) balance of about $260,800. That reflects years of contributions and investment growth.

Vanguard’s research shows an even higher average for the same age range, at $305,006.

Why the median paints a different picture

The average does not necessarily show what most savers have.

A few very large accounts can pull the number upward, while the median balance, where half have more and half have less, usually offers a more realistic snapshot of typical savings.

Fidelity does not publish a median figure in its latest report, but Vanguard does. Its latest research shows a median 401(k) balance of $107,269 for Americans ages 55 to 64.

Why averages can be misleading

Many people in their 50s see the average and assume they are far behind.

But Vanguard’s data suggests that comparison can be misleading. For those ages 55 to 64, the average balance is about 180% higher than the median.

Most workers are much closer to the median than the average. Looking only at unusually large accounts can create unnecessary worry.

At the same time, comparing yourself to a median figure alone can also give a false sense of security. Being near the middle does not automatically mean you are fully prepared.

Retirement data is useful as a reference point, not as the only measure of success.

Salary-based targets can be more useful

Another way to judge your progress is to compare your 401(k) savings with your salary.

A person earning $80,000 a year does not need the same nest egg as someone earning $250,000. That is why many retirement planners use income multiples instead of one universal dollar goal.

Fidelity’s rule of thumb: seven to eight times salary

Fidelity suggests that people in their late 50s should aim to have about seven to eight times their annual income saved for retirement.

For someone making $80,000, that would translate to a target range of $560,000 to $640,000.

Fidelity also recommends saving around 15% of pretax income each year, including any employer match, as a long-term goal for many workers.

T. Rowe Price offers a wider range

T. Rowe Price uses a similar method, but with a broader target range.

For someone around age 55, the firm’s benchmark is roughly 4.5 to 8 times annual income.

That works out to about $360,000 to $640,000.

By age 60, the range rises to about 6 to 11 times salary, or $480,000 to $880,000, reflecting how close retirement is getting.

There may still be time to build savings

At 57, retirement may still be several years away.

Many Americans keep working into their late 60s and even longer, which leaves more time to contribute, benefit from employer matching, and give investments additional years to grow.

Catch-up contributions can make a difference

Workers age 50 and older have an important advantage.

In 2026, employees may contribute the standard $24,500 annual 401(k) limit plus an extra $8,000 in catch-up contributions. Some workers ages 60 to 63 qualify for an even higher catch-up amount.

That means people age 50 and up can save at least $32,500 before any employer contributions are added. For those nearing retirement, that extra room can be significant.

Small increases can still matter

Not everyone can suddenly max out a retirement plan.

Still, increasing your contribution rate by even one or two percentage points each year can help build momentum without causing a major strain on your budget. Many workplace plans also let employees set automatic annual increases, which can make saving easier to maintain.

Do not overlook your investments

Saving more is only part of the equation.

Your portfolio should still fit your time horizon and comfort with risk. Someone planning to retire in two years may need a different mix than someone who expects to keep working for another 15 years.

Target-date funds can be helpful, but speaking with a financial advisor may also be worthwhile.

Your retirement picture is bigger than a 401(k)

A 401(k) is often the centerpiece of retirement planning, but it is not the whole story. Not everyone has access to one, and many people rely on a broader mix of assets.

That can include a spouse’s pension, rental income, annuities, or other investments.

Progress matters more than perfection

Having less than seven to eight times your salary saved does not automatically mean you are in trouble.

Continuing to save, working a year or two longer, and using catch-up contributions when possible can all improve retirement readiness over time.

The bottom line

The average 57-year-old’s 401(k) balance may look impressive, but it does not reflect most workers’ actual savings. Median figures, along with income-based guidelines from firms such as Fidelity and T. Rowe Price, often provide a more practical way to judge where you stand.

If your balance is below those targets, there is no reason to panic. A better response is to review your contribution rate, use catch-up contributions if you can, and make the most of the years you still have left in the workforce.

FAQs

How much can I contribute to my 401(k) at 57 in 2026?

In 2026, workers over 50 can contribute the standard $24,500 employee limit plus an $8,000 catch-up contribution, for a total of $32,500. If you are between 60 and 63 and your plan permits it, a higher catch-up amount of $11,250 replaces the $8,000, bringing the total to $35,750. Employer contributions are separate from these limits.

What is the average retirement savings by age?

Average retirement savings generally rise throughout a worker’s career and tend to peak near retirement. Recent Vanguard and Fidelity data indicate that workers in their 30s often have tens of thousands of dollars in a 401(k), those in their 40s may reach the low six figures, and savers ages 55 to 59 average around $260,000 or more. Because averages are lifted by a small number of large accounts, the median is usually much lower and can be a better reflection of the typical saver.