--- title: Here's the Average 401(k) Balance by Generation — How Do You Stack up? description: 'Good news for retirement savers: The average 401(k) balance was up 13% year over year as of June 2024, according to Fidelity.' authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 602 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2024-08-30T13:01:08.000Z' section: Retirement tags: - News word_count: 346 canonical: https://money.com/average-401k-balance-by-generation-2024/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage of a stack of coins with bigger coins in the background](https://img.money.com/2024/08/News-Latest-401k-Balance-Generation.jpg) Americans grew their [retirement savings](https://money.com/save-for-retirement/) over the past year, boosting 401(k) contributions while also benefiting from stock market gains. The average 401(k) balance had increased 13% year over year as of the second quarter, which ended in June, according to a [new report](https://www.fidelity.com/about-fidelity/Q2-2024-retirement-analysis) from investment management firm Fidelity. It was the third consecutive quarter of growth, and it can be credited (mostly) to positive movement of stocks. The S&P 500, the index that tracks 500 of the largest U.S. companies, is up about 18% in the past year. ## Elevate your portfolio by rolling your 401k into a Gold IRA ### American Hartford Gold can help protect your assets in tax-advantaged accounts by providing a metal IRA. Why wait? Select your state to get started today! [Invest in Gold](https://money.com/pr/p25bc82226ab?ap_referrer=%2Faverage-401k-balance-by-generation-2024%2F) Fidelity's analysis brings welcome news, as the recent performance of retirement accounts represents a rebound after a downswing in 2022. That was the [worst year for 401(k) account performance](https://money.com/average-401k-balance-plummeted-last-year/) since the Great Recession because stocks and bonds both fell sharply. It takes patience to achieve your goals through a 401(k) — and there can certainly be ups and downs — but it’s a tried-and-true method to save for retirement. Plans allow participants to make pre-tax contributions, receive employer matches and invest in a diversified portfolio of assets. Overall, the average 401(k) balance as of June was $127,100. Here’s a breakdown of how much each generation had saved: - **Boomers** (born between 1946 and 1964): $242,200 - **Gen Xers** (born between 1965 and 1980): $182,100 - **Millennials** (born between 1981 and 1996): $62,000 - **Gen Zers** (born between 1997 and 2012): $12,000 The average 401(k) savings rate, including employer contributions, was 14.1% in second quarter, which is a record level and the closest ever to the 15% savings rate recommended by Fidelity. Regardless of age, Americans’ 401(k)s are mainly invested in stocks and bonds, usually through mutual funds or target-date funds. These plans allow employees to schedule regular contributions, which are not taxed until you take withdrawals after age 59 1/2. The suggested strategy is generally to withdraw the funds once you've retired and are in a lower income tax bracket. ## Rolling over from a 401(k) to a Gold IRA is made easy with Priority Gold ### The presence of gold in your retirement investments will prove fruitful in times of economic crisis and diversify your retirement savings. Click below to get started today! [Invest in Gold](https://money.com/pr/x0fc64c38904?ap_referrer=%2Faverage-401k-balance-by-generation-2024%2F) ![](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) American Hartford Gold can help you take control of your financial future [Invest in Gold](https://money.com/pr/cdf8db27d320?ap_referrer=%2Faverage-401k-balance-by-generation-2024%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/average-401k-balance-by-generation-2024/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "401(k)", "item": "https://money.com/401k/" }, { "@type": "ListItem", "position": 4, "name": "Here's the Average 401(k) Balance by Generation — How Do You Stack up?" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/average-401k-balance-by-generation-2024/#webpage", "url": "https://money.com/average-401k-balance-by-generation-2024/", "name": "Here's the Average 401(k) Balance by Generation — How Do You Stack up?", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-08-30T13:01:08.000Z", "mainEntity": { "@id": "https://money.com/average-401k-balance-by-generation-2024/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/average-401k-balance-by-generation-2024/#breadcrumb" } }, { "@type": "NewsArticle", "headline": "Here's the Average 401(k) Balance by Generation — How Do You Stack up?", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/08/News-Latest-401k-Balance-Generation.jpg", "width": 2880, "height": 1920, "caption": "News-Latest-401k-Balance-Generation" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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