Retirees' average 401(k) balance falls below expectations

A 2024 survey by Charles Schwab shows that the average worker expects to need about $1.8 million for a comfortable retirement. However, many older adults have significantly lower savings. According to a 2024 Vanguard report, the average 401(k) balance for Americans aged 65 and older is $272,588, while the median balance is $88,488. This suggests that many retirees may not meet the expected savings goal. For those aged 55 to 64, the average 401(k) balance is $244,750, with a median of $87,571. These figures indicate that most Americans are falling short of the retirement savings target.