Americans Get Major 401(k) Boost: Who Is Saving Most
Summary
Americans' 401(k) retirement account balances have reached a record average of $155,800, mainly driven by strong market performance and regular contributions. Baby boomers have the highest savings, while millennials and Gen Z workers show significant growth in their accounts.Key Facts
- The average 401(k) balance rose 10.5% in the second quarter of 2026 to $155,800, the biggest quarterly gain since 2020.
- Baby boomers have the largest average 401(k) balance at $283,200 and contribute 12.2% of their pay on average.
- Generation X holds an average balance of $240,700 and contributes 10.6% of their pay.
- Millennials’ average balance increased by 14.3% to $94,300, about 26% higher than a year earlier.
- Gen Z savers have an average balance of $20,800 and contribute 7.6% of their pay.
- Employees and employers together contribute 14.4% of pay on average to 401(k) plans; employees contribute 9.6% and employers 4.8%.
- About 81% of workers contribute enough to get their employer’s full match, a key boost to retirement savings.
- Experts note that regular saving over time is more important for retirement readiness than market ups and downs.
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