How much money Americans in their 50s have in their 401(k)s

By the time you reach your 50s, you should have around six times your salary saved for retirement, according to, the largest 401 provider in the U.S. If you earn around $100,000 annually, you'd ideally have $600,000 saved for retirement by the time you reach your 50s.The median 401 account balance for Americans in their 50s is $60,900 as of the last quarter of 2023, per Fidelity data provided to CNBC Make It.

The good news is that among all of the age cohorts, people in their 50s have the highest savings rate, which is the percentage of your income allocated toward retirement savings. They put around 13% of their income toward retirement, inclusive of employer matches, which is just shy of Fidelity's recommended 15%.If you're in your 50s and feel behind on your savings, don't panic. You have a few options available to you.

"Just waiting a few years gives you a huge boost to your guaranteed inflation-adjusted income in retirement," Lester says."It really pays to delay."However, not everyone can or wants to delay their retirement.

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