DepositAccounts, a personal finance web site affiliated with LendingTree, reported that the average 401(k) balance in the second quarter of 2024 was $127,100, while the average Individual Retirement Account (IRA) balance was $129,200, citing statistics from Fidelity. Both numbers represent significant gains since 2019.
Here are some additional numbers:
- Average household retirement account balances as of 2022 were highest in Massachusetts ($448,500), Hawaii ($433,700) and New Jersey ($376,700), according to the U.S. Census Bureau Survey of Income and Program Participation (SIPP).
- Between 2021 and 2022, average household retirement account balances grew the most in Kansas (60.2 percent), Nebraska (53.8 percent) and Mississippi and Minnesota (both at 22.4 percent), according to the U.S. Census Bureau SIPP.
- In 2024, a 65-year-old retiree enrolled in traditional Medicare needs an average of $165,000 to cover health care and medical expenses in retirement, according to Fidelity. This doesn’t include expenses like over-the-counter medicine and dental and vision care. This is up nearly five percent from $157,500 in 2023.
- The average monthly Social Security payment to retired workers as of the end of June 2024 was $1,918, according to the Social Security Administration. The maximum Social Security benefit at full retirement age in 2024 is $3,822.
- Consumers need more than $1 million to retire with an average lifestyle in 147 of the 384 U.S. metros, according to a 2023 LendingTree study. San Francisco ($1,365,870), New York ($1,315,587) and San Diego ($1,298,796) top the list.
