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How Much Should You Have in Your 401(k) at 57? The Average Balance Might Concern You

Average balances may impress, but the median often paints a more realistic picture.

By Josh Koebert , Edited by Laura Hohenstein

Updated July 31, 2026

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The retirement clock is ticking hard at age 57. Many workers are within five to 10 years of leaving the workforce, making it a natural time to ask one important question: Am I on track?

The answer depends on which benchmark you're using. Average 401(k) balances can make it seem like everyone has hundreds of thousands of dollars saved, but that's because a relatively small number of very well-funded accounts pull averages upward.

Median figures often provide a more realistic comparison for the typical worker. Fidelity and Vanguard offer savings benchmarks based on salary, and both track the average 401(k) balance by age, giving savers another way to check up on their retirement readiness.

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The average balance of 57-year-olds

According to Fidelity's latest retirement data, Americans between ages 55 and 59 have an average 401(k) balance of about $260,800. That's a substantial nest egg, reflecting decades of contributions and investment growth.

Vanguard puts the figure slightly higher for this age group, with their research revealing an average balance of $305,006.

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The median balance tells a different story

The average doesn't represent the typical saver.

A handful of very large retirement accounts can skew the average upward. The median balance — the point where half of savers have more and half have less — is much lower and often provides a better snapshot of where most of us actually stand.

While Fidelity's latest report does not publish medians, Vanguard's does. According to their latest research, the average American between ages 55 and 64 has a median 401(k) balance of $107,269.

Don't compare yourself only to averages

Many people in their fifties see the average balance and immediately assume they're far behind.

But as Vanguard's data reveals, that may not be true. The average balance for those aged 55 to 64 is about 180% higher than the median.

Most of us are closer to the median. Comparing yourself only to unusually large retirement accounts can create unnecessary anxiety.

Inversely, comparisons can give a false sense of security. Even if your balance is close to the median, you (along with your peers) could still be behind.

Crowdsourced information is one directional data point, not a foundation on which to build your savings.

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Salary benchmarks offer another perspective

Comparing your 401(k) balance to your current salary may be a more accurate framework.

Someone earning $80,000 doesn't need the same retirement balance as someone earning $250,000. That's why many firms compare retirement savings to annual income rather than using a universal dollar target for everyone.

Fidelity suggests about seven to eight times your salary

Fidelity's guideline suggests that people in their late 50s generally aim to have roughly seven to eight times their annual salary saved for retirement.

For a worker earning $80,000 a year, this works out to a target balance of $560,000 to $640,000.

The company also recommends saving about 15% of pretax income each year, including any employer match, as a long-term target for many workers.

T. Rowe Price uses a range

T. Rowe Price takes a similar approach but presents a broader target range.

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

This means targeting a 401(k) balance of $360,000 to $640,000.

By age 60, that range increases to approximately 6 to 10.5 times salary (or $480,000 to $840,000), reflecting the fact that retirement is drawing closer.

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You may have plenty of working years left

If you're 57, retirement isn't necessarily around the corner.

Many Americans continue working into their late 60s and beyond. That means there's still time to contribute, benefit from employer contribution matches, and potentially allow investments several more years to grow.

Catch-up contributions can help

Workers aged 50 and older receive a valuable advantage.

In 2026, employees can contribute the standard $24,500 annual 401(k) limit plus an additional $8,000 in catch-up contributions. A subset of older workers, those aged 60 to 63, have even higher catch-up limits yet.

This means workers age 50 and older can save up to at least $32,500 before employer contributions are added. That extra cushion is a meaningful difference in the final push before retirement.

Small increases can add up

Not everyone can suddenly max out a retirement plan.

But increasing your contribution rate by even one or two percentage points each year may help you build momentum without dramatically affecting your day-to-day budget. Many employer plans even allow automatic annual increases. Take advantage of any and all ways that you can automate your savings.

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Review your investments, too

Saving more isn't the only lever available.

Your investment mix should still match your retirement timeline and risk tolerance. Someone planning to retire in two years likely needs a different portfolio than someone expecting to work another 15 years.

Time-based portfolios (that target retirement in a specific year) can be helpful, but it's also wise to consult a financial advisor.

Your retirement is more than your 401(k)

While 401(k) accounts are often at the crux of retirement planning, your retirement is more than your 401(k) number. Not everyone has access to a 401(k) or similar retirement plan.

Some individuals have a broader, more diversified approach with retirement funds from a spouse's pension, rental income, annuities, and other assets.

Focus on progress, not perfection

Someone with less than X times their salary saved isn't automatically destined for financial trouble.

Continuing to save, delaying retirement by even a year or two, and taking advantage of catch-up contributions may meaningfully strengthen retirement readiness over time.

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Bottom line

The average 57-year-old's 401(k) balance may look impressive, but it doesn't represent the balance of most workers. Looking at the median figure, along with salary-based benchmarks from firms like Fidelity and T. Rowe Price, often provides a more useful way to evaluate your retirement plan progress.

If your balance falls below those benchmarks, don't panic. Consider it a prompt to review your contribution rate, take advantage of catch-up contributions if your budget allows, and make the most of the working years you still have before retirement.

FAQs

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

In 2026 you can contribute the standard $24,500 employee limit plus an $8,000 catch-up contribution because you are over 50, for a total of $32,500. If you are between ages 60 and 63 and your plan allows it, a higher "super" catch-up of $11,250 replaces the $8,000, raising your total to $35,750. Employer contributions are on top of these amounts.

What is the average retirement savings by age?

The average retirement savings by age climbs steadily through your working years and tends to peak around retirement. Recent Vanguard and Fidelity data show workers in their 30s typically hold tens of thousands of dollars in a 401(k), those in their 40s reach into the low six figures, and savers aged 55 to 59 average somewhere around $260,000 and above. Keep in mind that averages are pulled up by a small number of very large accounts, so the median balance at each age is usually much lower and gives a more realistic picture of where the typical saver stands.

What if I'm behind on retirement savings at 57?

You're not out of options. Many people work into their 60s, giving their investments more time to grow. Increasing your contribution rate, taking advantage of catch-up contributions, delaying retirement if possible, and reviewing your investment strategy can all help improve your retirement outlook.

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