CNN Money states that the average 401(k) balance at the end of 2014 is $91,300. The Employee Benefit Research Institute reports that 43 percent of workers aged 25 to 34 have less than $1,000 total savings. Of workers aged 55 and older, 24 percent have less than $1,000 total savings.Continue Reading
A list of 401(k) average balances by age is not publicly available, however the Employee Benefit Research Institute's fact sheet "Age Comparisons Among Workers" states that, as expected, older workers have greater average savings balances than younger workers. Slightly more than 31 percent of workers ages 25 to 34 have savings greater of at least $10,000. In comparison, 49 percent of workers ages 35 to 44, 55 percent of workers ages 45 to 54, and 66 percent of workers ages 55 and over have savings and investments of at least $10,000. Less than 5 percent of workers ages 25 to 34 have saved over $250,000, while 23 percent of workers ages 55 and older have saved over $250,000.
Fidelity reports that its pre-retirement investors ages 55 and older have average 401(k) balances of $165,000. CNN Money reports that, on average, workers contributed 8.1 percent of their salaries to 401(k) plans in 2014.Learn more about Insurance