If scrolling your feed makes you feel like everyone's maxing out their 401(k), flipping houses, and buying gold bars "just for fun," you're not alone. But Fidelity's latest retirement report offers a much-needed reality check: most people aren't coasting into early retirement—they're just trying to stay on track.
Fidelity's Q4 2024 data offers a wide-angle look at more than 24.5 million participants across 26,700 corporate retirement plans. While it doesn't count savings in brokerage accounts, real estate, or that dusty jar of cash in your kitchen drawer, it's a solid snapshot of how Americans are preparing for retirement.
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Here's how average 401(k) and IRA balances actually stack up across the generations—and what that might say about your own retirement game.
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Baby Boomers (Born 1946–1964)
- Average 401(k): $249,300
- Average IRA: $257,002
- Total: $506,302
Boomers are clearly the furthest along—but even after decades in the workforce, most aren't looking at seven-figure balances. Their average savings rate is solid at 11.9%, plus 5% from employers. Still, with retirement possibly lasting 20–30 years, it's not exactly "leave-it-all-to-the-grandkids" money.
Gen X (Born 1965–1980)
- Average 401(k): $192,300
- Average IRA: $103,952
- Total: $296,252
Often labeled the "forgotten middle child" of the generational mix, Gen Xers are facing a now-or-never moment. Many are juggling college tuition, aging parents, and their own retirement dreams—and with just under $300,000 saved, the pressure is real.
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Millennials (Born 1981–1996)
- Average 401(k): $67,300
- Average IRA: $25,109
- Total: $92,409
Despite being deep into their prime earning years, millennials are still catching up. Student debt, housing costs, and late career starts haven't helped. The good news? Their contribution rates are climbing—18.3% have gone all-in on Roth 401(k)s, and over 70% are using target date funds.
Gen Z (Born 1997–2012)
- Average 401(k): $13,500
- Average IRA: $6,672
- Total: $20,172
Just getting started, Gen Z isn't breaking any records—yet. But don't sleep on them: 81.5% are investing in target date funds and nearly one in five is already contributing to a Roth 401(k). Plus, their average savings rate – 7.2% – shows they're thinking long-term earlier than most generations did.
What "On Track" Actually Looks Like
Feeling behind? Fidelity recommends saving 15% of your income annually – including employer match – to stay on track for retirement. And they offer this rule of thumb: aim to have 1x your salary saved by age 30, 3x by 40, 6x by 50, and 10x by 67.
While those targets may feel high—especially with inflation doing its thing—they serve as rough benchmarks for anyone wondering whether they're pacing with their peers.
Long-Term Savers Reap Long-Term Gains
One bright spot in the data: people who've stayed with the same employer and plan for 15+ years tend to see significantly higher balances. Why? Stability, consistency, and compound growth. It's less about timing the market and more about time in the market.
Retirement planning is less a race and more a really long relay—one where you drop the baton, pick it up, and keep running. Whether you've got six figures saved or six months of rent, the key takeaway from Fidelity's data is this: it's not about being perfect—it's about being persistent.
And if you're still wondering how you stack up? You're already doing more than you think by paying attention.
Read Next: If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now
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