Americans Aged 55-59 Average $260,800 in Their 401(k)s. Fidelity Says They Need 10 Times Their Income to Retire at 67. How Realistic Is That for You?

According to Fidelity, the average 401(k) balance for Americans aged 55 to 59 is $260,800. The investment company also estimates that to retire at full retirement age, savers should have 10 times their salary saved by 67. For a $100,000 earner, that target calculates to $1 million.

If you already have over $100,000 in savings, consult a pro to maximize your chances of achieving this goal. SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in under five minutes.

The number Fidelity wants you to hit

Fidelity’s benchmark runs off your paycheck, not the market. It calls for saving one times your salary by 30, three times by 40, six times by 50, eight times by 60 and 10 times by 67, measured against your pay as you near retirement. Run a $100,000 salary through it and the marks are $600,000 by 50, $800,000 by 60 and $1 million by 67.

You may be closer than you think. Fidelity’s target counts every retirement dollar, not just the 401(k). An IRA, a workplace match, an old pension and a brokerage account all count toward it, while the average measures the 401(k) in isolation.

However, the average savings number does not reflect the balance most people hold. A few very large accounts pull it upward, so the median sits well below it. Measuring yourself against the average can make any shortfall look less significant than it really is, at least if you are aiming for a $1 million pot.

The levers that still move the number

Falling short in your 50s is common, and the moves that close the gap are unglamorous. The catch-up rules reward a late push, and the IRS raised the contribution limits again for 2026. The standard 401(k) cap is $24,500.

At 50, plans that offer catch-up contributions let you add $8,000 for $32,500; between 60 and 63, the catch-up rises to $11,250, or $35,750 in all.

An IRA opens more room, at $7,500 for 2026 plus a $1,100 catch-up once you turn 50. One change hits higher earners this year. If your prior-year wages topped $150,000, your catch-up contributions now have to go in as Roth.

The easiest gain is the employer contribution match. Most Fidelity plans pay 100% of your first 3% and half of the next 2%, so contributing 5% on a $100,000 salary pulls in about $4,000 you never had to earn. Roughly 8 in 10 savers collected the full match in the second quarter. The rest left money behind.

Contribution rates are close to the recommended mark. The average, counting the match, is a record 14.4%, just short of the 15% Fidelity suggests. Nearly a third of plans now raise your rate a step each year on their own, and setting that once beats leaning on willpower every January.

Making the most of the next 10 years

A savings balance at 55 is a starting point, not the final amount. The decade before full retirement age is enough time for steady contributions, an employer match and compounding to move the number in a way a single year never could.

Whether 10 times your salary is realistic depends less on where you stand today than on how much you work and save over the next 10 years. Also, you need to plan for your retirement and no one else’s, so recommendations for the average American may not apply.

Nevertheless, one way to avoid dipping into your retirement accounts is with a dedicated emergency fund for fast cash. SoFi offers a combined checking-and-savings account with no account fees. With eligible direct deposit or $5,000+ in qualifying deposits every 31 days, you can earn 3.10% APY on savings — many times the national average — plus 0.50% APY on checking.

New members may also qualify for a limited-time APY boost that lifts savings up to 4% APY for up to six months. (APY is variable and can change at any time.)

New members who set up qualifying direct deposit may also be eligible for a cash bonus of up to $400, based on the amount deposited. Terms apply — see details. Check out SoFi today.