This Is the Average 401(k) Balance for Retirees Age 58 and Older
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By Matthew Benjamin – Dec 10, 2025 at 2:47PMKey PointsIt's hard to know how much savings you'll need in retirement.The age at which you can start taking distributions is generally 59 1/2. Below that age, some people might still qualify for a hardship distribution.These 10 Stocks Could Mint the Next Wave of Millionaires ›Fidelity has data on average 401(k) account balances by age.It's hard to know exactly how much you need to save for retirement. People's ideas of how they'll spend their retirement years vary widely, so what may be more than adequate for some individuals and couples might fall far short for others. That said, it's useful to know what others in your age group -- and those on the cusp of retirement in particular -- have saved. Fidelity is a great source for that data because the investment firm oversees $16.4 trillion in assets and more than 50 million IRA, 401(k), and 403(b) retirement accounts. (The latter accounts are for employees of public schools and other nonprofits.) If you're 58 or older, retirement is right around the corner, if not already here. According to Fidelity, these adults have an average balance of between $244,900 and $250,000 in their 401(k) accounts. Image source: Getty Images. While the average balance climbs with age during people's younger and prime working age years, it levels off after age 55. And remember, the age at which you can start taking distributions from your 401(k) account without penalties is 59 1/2, though there are also conditions under which you can start tapping these accounts earlier. The Rule of 55 allows people who leave their job after 55 (including those who are laid off, fired, or just quit) to start using the money in their 401(k) accounts, though that doesn't apply to accounts you might have had with a previous employer. Advertisement Also, people who suffer an immediate and heavy financial need can also qualify under some plans for a so-called hardship distribution, though such distributions are limited to the amount necessary to satisfy the need.About the AuthorMatthew Benjamin is a contributing Motley Fool stock market and investing analyst covering publicly-traded companies across all sectors. Prior to The Motley Fool, Matt was a senior markets expert at an investing newsletter in Baltimore, an editorial consultant to the World Bank and the International Monetary Fund (IMF), and an economics correspondent at Bloomberg News. He holds a B.A. from Bucknell University and an M.A. from New York University. Fun fact: Matt has met every Federal Reserve Chair from Paul Volcker through Jerome Powell.TMFMbenjamin68Read NextDec 10, 2025 •By Maurie BackmanRetiring in 2026? Here's How Much Cash You Should Have on Hand.Dec 10, 2025 •By Adam LevySocial Security Beneficiaries Just Got Hit With the Same Cruel Math for the 3rd Straight Year -- and the Problem's Only Getting Worse in 2026Dec 10, 2025 •By Katie Brockman3 Huge Social Security Changes Taking Effect in January 2026Dec 10, 2025 •By Maurie BackmanIs 4% a Safe Withdrawal Rate in 2026? Here's What the Experts SayDec 10, 2025 •By Dana GeorgeSocial Security Not Cutting It? Here's How to Adopt Smart Financial Habits in 2026Dec 10, 2025 •By Maurie Backman3 Things You Must Know About Social Security Before You Claim Benefits in 2026