401(k) Average at $148,153 Median Is $38,176 Misleading Insights

The average 401(k) balance is $148,153, while the median stands at $38,176, highlighting that the average is influenced by a small group of high-balance savers. Retirement account balances grow significantly with age, ranging from $7,300 for workers in their early 20s to $246,500 for those aged 60 to 64. Most workers are contributing less than Fidelity's recommended rate of 15%, with a median deferral of just 6.8%. Understanding these figures is important for workers assessing their retirement savings in comparison to typical balances.