Average 401(k) Balance in Your 60s for 2026: How Do You Compare

Core Insights - The article discusses retirement savings, emphasizing that individuals should aim to save eight times their preretirement annual income by age 60, which varies based on personal lifestyle and health factors [1][6] - Baby boomers believe they need an average of $760,000 to retire comfortably, while Gen X expects to need $1.18 million, indicating a significant gap between expectations and actual savings [2][3] Retirement Savings Statistics - The average 401(k) balance for individuals in their 60s was reported at $577,454 as of November 2025, with a median amount of $186,902, highlighting the disparity in retirement savings [5][7] - A survey revealed that 47% of Baby Boomers lack confidence in their ability to retire comfortably, with an additional 11% uncertain about their retirement prospects [3] Retirement Planning Strategies - Individuals can make catch-up contributions to their 401(k), with limits set at $24,500 for 2026, and additional contributions of $11,250 for those aged 60 to 63, totaling $35,750 [12] - Utilizing workplace benefits, such as employer matches on retirement contributions, is recommended to maximize savings [13] - Asset allocation should be adjusted as individuals approach retirement, with a gradual shift from stocks to more conservative investments [15][16] Lifestyle Considerations - Downsizing living situations before retirement can significantly reduce expenses, allowing for increased contributions to retirement accounts [18][19] - Working with a financial advisor can help individuals navigate retirement planning, including understanding the implications of living abroad and tax considerations [22][23]