Here’s how much the average working baby boomer has saved for retirement — how do your savings stack up?

Core Insights - The baby boomer generation is facing significant financial challenges as many are retiring or nearing retirement with inadequate savings, potentially impacting their standard of living [1][2] - The average 401(k) balance for boomers is $249,300, while the median net worth for households led by individuals aged 65 to 74 is $409,900, both figures falling short of recommended retirement benchmarks [2][3] - A Northwestern Mutual survey indicates that the average retirement savings goal for Americans is $1.26 million, highlighting a gap between current savings and expected needs, with about 40% of boomers concerned about outliving their savings [3] Financial State of Boomers - As of the end of 2024, boomers have an average 401(k) balance of $249,300, and the median net worth for those aged 65 to 74 is $409,900, which is below the recommended retirement savings target of approximately $659,360 based on a median salary of $65,936 for Americans aged 55 to 64 [2] - Many boomers may need to rely on debt, Social Security, or return to work due to limited financial resources [3] Recommendations for Financial Planning - Fidelity suggests that individuals should aim to save 2x their salary by age 35, 4x by age 45, and 7x by age 55, with a recommendation to save 15% of pre-tax income in a diversified portfolio [5] - Starting early and maintaining consistent saving habits can help individuals achieve their personal retirement savings goals, potentially surpassing the average financial standing of boomers [4]