If you want to be on track with your retirement savings and investments, it makes sense to wonder where other people are -- specifically, people in your age range.

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Image source: Getty Images.

Here's a look at the average 401(k) balance for people in different age groups, per the folks at Vanguard, which administers the 401(k) accounts of millions of people:

Age

Average 401(k) Balance

Median 401(k) Balance

Under 25 years old

$7,351

$2,816

25 to 34

$37,557

$14,933

35 to 44

$91,281

$35,537

45 to 54

$168,646

$60,763

55 to 65

$244,750

$87,571

65 and older

$272,588

$88,488

Data source: Vanguard.

It's all very interesting, but keep these thoughts in mind:

  • The average numbers are higher because there are a bunch of accounts with a lot of money in them. That can skew the average higher. Thus, it can be more useful to focus on the median numbers, which represent the midpoint values. (So if there are 3,000,000 accounts, ranked by their value, the median number shows the value of account No. 1,500,000. Half the values in the group are higher than the median, and half are lower.)
  • Don't aim to meet or slightly beat the numbers for your age group above -- because they're generally rather low. If you're 50, you should, ideally, have much more than $168,646 socked away. Retiring with $272,588 is likely to be very tough, unless you have a lot of other retirement income lined up. Indeed, for many people, retiring with $1 million won't be enough.
  • Remember that these numbers only reflect 401(k) accounts. Ideally, you might also have a well-stocked IRA account or two, plus, perhaps, a regular, taxable brokerage account.

Take the time to develop a solid retirement plan -- and then stick to it, saving and investing effectively for many years.