The Average 75-Year-Old Has This Much in Their 401(k): How Do You Compare?

Think you're ready for stress-free retirement, or just wondering how your 401(k) account measures up against others? By the age of 75, most people are either retired or making arrangements to do so, and it's natural to wonder how your savings compare to those of others in your age group.

Let's break down the numbers and explore what it means exactly for you and your financial fitness.

According to retirement plan provider Empower, users in their 70s had a median 401(k) balance of $95,931 and a mean balance of $431,834.

The median and mean 401(k) savings for 75-year-olds are quite different. Due to outliers who have saved millions for their retirement, the median statistics are generally more useful.

Many 75-year-olds have already retired and have begun making withdrawals from their accounts, which is why they tend to have less than people in their 60s. In fact, starting at age 73, the IRS requires you to begin taking withdrawals from your 401(k), known as the "required minimum distribution." However, you can delay these withdrawals if you're still working.

Below, we'll look at some strategies to retain your nest egg when you're 75.

Owners of a 401(k) plan who are 73 and older must take a required minimum distribution (RMD) from their retirement accounts each year. If you're still working, however, you can delay these withdrawals until the year you retire, unless you own at least 5% of the business sponsoring your 401(k).

The exact amount you're required to withdraw will depend on factors such as your age, account balance, and life expectancy. The most important thing to understand is that failing to take these distributions when needed can result in steep penalties and quickly deplete your account.

If you're still working, take advantage of catch-up contributions. If you're over the age of 50, you can save an extra $8,000 per year in your 401(k), in addition to the standard savings limit of $24,500. This means that at 75, you can contribute a total of $31,000 to your 401(k) every year.

These "catch-up contributions" are designed to help workers nearing retirement save even more for their retirement.

If you've got a health savings account (HSA) sitting around from your working years, the good news is that it can still be used in retirement, especially when it comes to covering medical expenses.

Unlike your 401(k) or IRA, there's no required minimum distribution from an HSA at age 73. That means you can leave the money in the account as long as you'd like, letting it grow tax-free until you need it.

Just know that the One Big Beautiful Bill Act, passed on July 4, 2025, prohibits people on Medicare from contributing to HSA accounts. Learn more about the ways the One Big Beautiful Bill Act will impact retirees.

Whether you're nearing retirement or already retired, it's generally recommended that you shift away from riskier investments (such as stocks) and toward safer ones (such as bonds). If you're behind on your savings, it may be worth considering a more aggressive investment strategy.

The right answer depends heavily on your situation, so speak with a qualified financial planner for advice.

At age 75, you're already eligible for the maximum Social Security benefit, which is available starting at age 70. There's no additional benefit from waiting to claim Social Security, so if you haven't already done so, claim it now.

Social Security benefits can help offset any withdrawals you're making from your retirement savings.

If your 401(k) savings at age 75 aren't enough to cover your lifestyle, you might consider improving your finances with a part-time job or other side income. These sources can help increase your retirement savings or fill in the gaps when you're already retired.

From traditional work, such as retail, to more convenient options like freelancing, there are numerous ways for individuals to preserve their savings.

If you're nervous about your 401(k) getting too low in retirement, consider ways in which you can reduce your spending. Cutting nonessential expenses, such as subscriptions or vacations, and shopping for better deals on insurance and medications, are some ways to lower your monthly budget.

Many retirees even relocate to areas with lower taxes or a lower cost of living to make their savings stretch further. If you're thinking about settling in the South, check out Southern cities where you can retire for $1,400 a month or less.

At 75, you may be well into your retirement plan. This doesn't mean your financial situation is set in stone, though. Whether your 401(k) is larger or smaller than the national average, what matters most is how you manage your resources from here on out.

Taking an honest look at your finances, as well as your expectations and goals, and assessing your options is the best way to enjoy your golden years.