How much do most people save for retirement? Find out if you are above or below average

According to data from Fidelity, which represents nearly 25 million retirement plan participants, as of the end of 2024, the average employee 401(k) contribution across generations (Boomers, Gen X, Millennials, and Gen Z) was high enough to earn all but the finest employer matches.

Baby boomers saved the largest percentage of their income, 11.9%. Generation X was the next highest at 10.2%, followed by Millennials at 8.7% and Generation Z at 7.2%. Keep in mind that a relatively small number of particularly high or low contributions may affect the average in one way or another.

The average 401(k) employer contribution for each of these generations was also high, at 5.0% for both Baby Boomers and Generation X, followed by 4.6% for Millennials and 3.7% for Generation Z.

How does this translate to 401(k) balances? Unsurprisingly, the longer a generation has been in the workforce — and thus the more time they have to contribute to a retirement account and take advantage of compound returns — the higher their average 401(k) balance will be. Baby Boomers top the list with $249,300, while Generation X isn’t too far behind at $192,300. Millennials are slightly lower at $67,300, and Generation Z, many of whom are just starting out on the path to retirement, have an average 401(k) balance of $13,500.

How much do people save in other retirement accounts?

Retirement savings are seeing a boom, with nearly 40% of savers increasing their contribution rate in 2024, with an average of 2.9% overall.

What about contributions to non-401(k) accounts? Many savers are choosing a Roth 401(k) instead of traditional plans — about 12.2% of baby boomers contribute to a Roth 401(k), while 14.5% of Generation

IRAs are also a prime target for retirement savers. According to Fidelity, which does not break down contributions to IRAs by generation, the average IRA contribution for the second quarter of 2025 was $2,200. That number has remained flat compared to the same period in 2024, although the average IRA balance rose to $131,400 by mid-2025 from $125,200 the year before. It’s worth noting that older savers have boosted their IRA contributions fairly dramatically in recent quarters: Boomers boosted their IRA contributions by an average of 37% in the past year, while Generation X savers increased their contributions by 25% over the same period.

Finally, average IRA balances across generations tell a similar story to average 401(k) balances. As of the end of 2024, Boomers had $257,002 in their IRAs, while Generation X had $103,952. Millennials had much less at $25,109 on average, while Generation Z had just $6,672 in their IRA.