401(k) Average at $246,500 Highlights Retirement Savings Gap

As of 2026, the average 401(k) balance for 60-year-olds is $246,500, significantly below Fidelity's recommended target of 8 times annual salary, which for a $90,000 salary would be approximately $720,000. Individuals aged 60 to 63 can contribute up to $35,750 to their 401(k) plans, the highest limit allowed. The Bureau of Labor Statistics reports average annual household expenditures at $78,535 in 2024, with a personal savings rate dropping to 3.9% in Q1 2026. These figures indicate the financial challenges facing pre-retirees, further compounded by rising costs.