The Surprising Truth About 60-Year-Olds’ 401(k) Balances in Today’s Market

By the time you hit your 60s, your 401(k) balance is more than a number you check. It will be an actual financial lifeline for your retirement.

Many people stop working completely in their 60s, so the money in their 401(k) accounts may be needed in their 60s and beyond. You might be surprised by the amount of money people in their 60s have tucked away for retirement—more than half a million dollars.

The 60s is also a great time to grow 401(k) balances. It is not too late to boost your contributions even more or to catch up on savings.

Key Takeaways

• In 2025, you can contribute as much as $23,500 to a 401(k) plan.
• If you are age 60 to 63, you can invest a catch-up contribution of $11,250.
• The average 401(k) balance for people in their 60s is $573,624.

The Surprising Average 401(k) Balance for People in Their 60s

According to Empower, the average 401(k) balance for people in their 60s is $573,624, and the median balance is $210,724.

Balances in 401(k) plans vary by age group.

Not surprisingly, the balances in 401(k) plans go down for people in their 70s and 80s. The average 401(k) balance for people in their 70s is $431,962 with a median balance of $106,654. And the average 401(k) balance for people in their 80s is $393,826 with a median balance of $86,301.

If you are in your 60s and your 401(k) balance is lower than you would like, consider making a catch-up contribution.

According to the Internal Revenue Service, the 401(k) contribution limit is $23,500 for 2025. The catch-up contribution for people 50 and older is $7,500. There is a higher catch-up contribution of $11,250 available for people ages 60, 61, 62 and 63.

Wondering how much you need to have saved for retirement by the time you reach your 60s? According to T. Rowe Price, by the age of 60, your retirement savings goal should be six to 11 times your salary. According to Fidelity, you should aim to have retirement savings of eight times your income by the age of 60. Both are good guidelines for saving.

The Bottom Line

Saving as much as six to 11 times your salary by the time you reach age 60 may seem like a daunting goal. But it is worth shooting for. Whatever you can put aside for your retirement savings in your 60s can help you provide for your non-working years, and that time is coming soon.

So contribute all that you can in a 401(k) plan, max out your contributions, utilize catch-up contributions, and with each dollar you invest, you’ll be closer to making your retirement dream a reality.