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Retirement Worries: Boomers Need $760K, Gen X $1.18M

10/20/2025

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Summary

Story summary

As of June 2025, the average 401(k) balance for people in their 60s is $568,040, with a median of $188,792.
Baby Boomers feel uncertain about retirement savings, believing they need around $760,000.
Generation X anticipates needing $1.18 million for retirement.
To boost retirement savings, individuals can make catch-up contributions, downsize their living expenses, and consult financial advisors.
People should assess their personal financial situations rather than rely on averages.

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Story summary

As of June 2025, the average 401(k) balance for people in their 60s is $568,040, with a median of $188,792.
Baby Boomers feel uncertain about retirement savings, believing they need around $760,000.
Generation X anticipates needing $1.18 million for retirement.
To boost retirement savings, individuals can make catch-up contributions, downsize their living expenses, and consult financial advisors.
People should assess their personal financial situations rather than rely on averages.