Ivy Grace

Fri, Jun 6, 2025, 4:01 PM4 min read

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.

Don't Miss:

• Invest where it hurts — and help millions heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold.

• Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share.

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.

• 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.

• Average 401(k): $192,300

• Average IRA: $103,952

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.

Trending: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation.

• 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.

• 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.