Millennial Retirement Savings Average $83,700 as 55 Percent Fear Outliving Their Money
The average millennial 401(k) balance stood at $83,700 as of late 2025, according to Fidelity, with a separate report putting the figure at $94,300 by September 2026. Despite progress, 55 percent of millennials say they expect to outlive their retirement savings, the highest rate of any generation. Financial advisors say the current average savings rate of 13.8 percent falls short of the recommended 15 percent.
Millennial retirement savings are growing but still fall short of what many financial advisors consider adequate, with new data showing an average 401(k) balance of $83,700 and widespread anxiety about running out of money in old age.
Fidelity's fourth-quarter 2025 analysis, reported in 2026, put the average millennial 401(k) balance at $83,700. A separate Fidelity report from September 2026 showed the figure had climbed to $94,300, putting many millennials close to the $100,000 milestone. However, median data tells a different story: the Vanguard Retirement Outlook reported that older millennials, those between 35 and 44, held a median balance of just $47,000 as of October 2026.
The gap between average and median reflects the uneven distribution of retirement wealth within the generation. High earners pull the average up, while many millennials carry little or no retirement savings.
Millennials currently save an average of 9 percent of their salary in 401(k) plans. With an average employer match of 4.8 percent, the total savings rate reaches 13.8 percent, still below the 15 percent rate most advisors recommend.
About 19.7 percent of millennials have outstanding 401(k) loans, which reduces the time their money spends in the market and slows long-term growth.
The anxiety is real: 55 percent of millennials say they believe it is likely they will outlive their retirement savings, the highest level of concern across all generations. Americans overall now estimate they need $1.46 million to retire comfortably, a figure that rose more than 15 percent from the prior year, according to a Northwestern Mutual survey from April 2026.
Experts point to the 2008 recession, student loan debt, and sluggish early-career wage growth as factors that set millennials back. Strategies to close the gap include auto-escalation of contributions, Roth account use, and avoiding early withdrawals.
