Here's the Average 401(k) Balance of 63-Year-Old Americans (How Do You Compare?)

Michelle SmithTue, March 17, 2026 at 11:04 AM UTC

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Retirement isn't a one-size-fits-all phase of life. Your dream retirement doesn't look like anyone else's, which means the exact amount of money you need to save can be hard to calculate or compare. But while comparison is the thief of joy, looking at how much others in your age group have saved can be a useful metric to see how your retirement savings stack up compared to the norm.

Keep reading to learn the average 401(k) balance of 63-year-olds, plus our tips for how to grow your savings pre-retirement.

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The average and median 401(k) balance for a typical 63-year-old

According to a survey from Fidelity, a 60- to 64-year-old has an average of $246,500 saved in their 401(k). Data from Empower is a little higher, reporting that people in their 60s have an average 401(k) balance of $576,755.

However, an average doesn't account for extreme highs and lows, which can skew the number and make it less representative of the average American. A median, which is the middle number of a set, is often a better metric.

For instance, Empower puts the median 401(k) account balance for those in their 60s as $187,249. This number is probably more representative of how much people in your age cohort have actually saved on average.

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How much you should have saved by age 63

It's hard to put an exact number on the amount of money you need to retire. Factors like the cost of living in your area, your Social Security benefit amount, and your health can impact your savings needs. Still, a good rule of thumb is to have eight times your annual salary saved by age 60.

This means that if you're earning an annual salary of $100,000, you should have $800,000 saved by your 60th birthday.

Reasons people may be behind in savings by age 63

Building up your savings takes time, and if you didn't start saving at an early age, you won't benefit as much from compound interest, which means you'll have less money in your savings account by your 60s.

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It's also hard to prioritize saving when you're living paycheck to paycheck, or when you're so focused on the present that you forget to plan for the future. Financial emergencies like medical bills can also take a toll on your savings.

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Steps to make sure you've saved enough by 63

Whatever the reason you haven't saved as much as you want by the time you're 63, it's crucial to remember that you do still have time to save. Whether you're already 63 and are hoping to boost your savings, or you're getting closer to your 63rd birthday, follow these tips to grow your 401(k) balance.

Consider a part-time job

If you're having a hard time freeing up enough cash to save, the best solution could be expanding your income with a second job. Side gigs like ride sharing or freelancing are relatively easy to squeeze into your schedule, and funneling all the money you make from that job into savings can make a big difference.

Don't forget about catch-up contributions

Once you turn 50, you can contribute an extra $8,000 a year to your 401(k) account. Then, between the ages of 60 and 63, this catch-up contribution increases to $11,250. Do whatever you can to hit that maximum, especially if your employer has a 401(k) match. This is your last big push to save for retirement, and you won't regret a single penny you put away.

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Consider working for a few extra years

Ideally, you can retire at your full retirement age. But if your savings account is looking a little sparse, it's worth thinking now about whether you really should leave the workforce at age 67. Sticking it out for a few more years can give you the chance to grow your savings further and make up for lost time.

Carefully time your Social Security benefits

If you apply for Social Security benefits before hitting your full retirement age, you'll receive a reduced percentage for the rest of your life. While taking the benefit early can supplement your income, crunch the numbers before making your decision.

You could find that waiting until age 70 to apply for benefits makes more financial sense.

Bottom line

Whether you've saved as much as others in your cohort or you're ahead of the curve, it's crucial to avoid wasting your retirement savings once you've built them up. Moving to an area with a lower cost of living is one way to stretch your savings, but cutting costs wherever you can, making the most of your Social Security benefit, and taking care of your health all go a long way as well.

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Source: “AOL Money”