What’s the Average Retirement Account Balance in America?

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It’s well known that saving for retirement is one of the most vital things you can do for your financial future.

If you’re currently employed, money expert Clark Howard says supplementing your employer-sponsored 401(k) with other retirement accounts, such as an HSA, Roth IRA or traditional IRA is the key to living comfortably in retirement.

What Retirement Accounts Do Americans Favor?

You might be curious to know what types of retirement accounts other Americans are selecting and their average balances.

According to Fidelity’s 2023 second-quarter retirement analysis, which provides a deep dive into the brokerage firm’s seasonal data, retirement account balances have increased for three straight quarters:

401(k) Savings Rates Continue To Be High

The average 401(k) balance grew 4% quarter-over-quarter to $112,400. That’s an 8% surge from five years ago and 39% increase from 10 years ago.

Clark says a 401(k) with an employer match is a great way to save for retirement.

“The beauty of an employer match is that it’s the equivalent of an automatic pay raise,” Clark says. “No need to ask your boss, get a good quarterly review or hope your company has a good year so there’s money for a raise!”

Read about what a 401(k) is and how it works.

403(b) Growth Up 65% Over the Last 10 Years

The average account balance for 403(b)s increased to $102,400, up 5% from last quarter and up 23% from five years ago. That dollar amount is a 65% increase from 10 years ago.

Read our guide on how to open a 403(b).

IRAs Balances Increased

At $113,800, the average IRA balance increased 5% compared to the previous quarter. That dollar amount also represents a 7% hike from five years ago and 41% spike from 10 years ago.


Fueled by young investors, the number of IRA accounts increased 11% year-over-year to 14.3 million.

Roths Are the ‘Savings Vehicle of Choice’

But among IRAs, there is a clear favorite: “Across generations, Roth IRAs continue to be the retail retirement savings vehicle of choice, with 59.1% of all IRA contributions going to Roth in Q2 2023,” it says in the analysis. 

Like many people, Clark is a big fan of Roth IRAs. “I have been the man from Roth forever,” he says. “I’m obsessed with the Roth as a way to save for retirement.”

But how much money are Americans stashing away in their retirement accounts?

Average Retirement Balances

Let’s take a look at the average retirement account balances for popular retirement accounts such as an IRA, 401(k) and more, according to Fidelity.

Retirement AccountQ2 2023Q1 2023Q2 2022Q2 2013

According to Fidelity’s data, the number of retirement millionaires rose, powered by a 10% jump in 401(k) accounts and a 13% increase in IRAs compared to the previous quarter.

Fidelity’s analysis also shows that young investors are leaning into retirement savings through 401(k)s and IRAs.

“Investing at a young age not only allows your money the opportunity to grow to a level that will have a major financial impact on your future, but also presents an opportunity to learn about investing, try new things, and ultimately set yourself up for a successful financial future,” Joanna Rotenberg, president of Personal Investing, says in the analysis.

How To Grow Your Retirement Account Savings

“It can be easy to build some level of comfort and security into later life if you’ll just start saving early,” Clark says. “But most people don’t start thinking about saving until they hit 40. If that’s you, it’s never too late to start saving.”

If you are looking for the best way to save for retirement, follow our guide to saving and investing the Clark Howard way. It’s a straightforward list designed to help you take simple, practical steps to achieve financial freedom.

Already saving? We also have a guide on how to use your IRA to become a millionaire.