The average 401(k) balance for people in their 60s was $577,454 as of November 2025, with a median of $186,902. Retirement savings depend on lifestyle and preretirement income. Many in their 60s are unsure if they can retire comfortably, citing a need for $760,000 to $1.18 million.

A survey by Western & Southern Financial Group found 47% of Baby Boomers lack confidence in retiring comfortably. Gen X expects to need $1.18 million for retirement. Average 401(k) savings for those in their 60s fall below these amounts.

Retirement savings rule suggests having 8 times preretirement income saved by age 60. Another method is the 4% rule, requiring 25 times annual expenses saved. Social Security benefits and other income sources can supplement 401(k) savings in retirement.

To boost 401(k) savings in your 60s, consider catch-up contributions. Automate savings and maximize employer match benefits. Balance risk and growth in your investment portfolio as you near retirement. Consult a financial planner for personalized advice on asset allocation and retirement planning.

Consider downsizing before retirement to reduce living expenses and increase contributions to tax-advantaged retirement accounts. Working with a financial advisor can help you navigate retirement options and make informed decisions for your future. Prioritize growth in your 401(k) before transitioning to more conservative assets as you approach retirement.

Read more at Yahoo Finance: Average 401(k) Balance in Your 60s for 2026: How Do You Compare