401(k): What the Average Person in Their 30s Has Saved

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With financial literacy growing at an exponential rate, people aren’t waiting to start thinking about their retirement. Without the security of a company-sponsored pension, most Americans contribute to things like a 401(k) to ensure they have enough funds to live off once they quit their 9-to-5. 

According to a survey conducted by Northwestern Mutual, Americans believe they will need approximately $1.26 million to retire comfortably. Unfortunately, their savings may not be enough to cover this bold number. Here is how much the average person in their 30s has saved and what you can do to help boost your retirement funds if you are falling short of your goal. 

Average 401(k) for People in Their 30s

Recent data from Fidelity shows that the average 401(k) savings for people ages 30 to 34 was $44,800 at the end of the first quarter of 2025, CNBC reported. The average 401(k) balance for individuals aged 35 to 39 was $71,400 during the same period.

The data was based on Fidelity’s quarterly analysis of over 50 million retirement accounts.

How This Year’s 401(k) Balances Compare With 2024’s

Overall, market volatility at the beginning of the year left some balances short of their 2024 levels.

According to data provided by Fidelity, 401(k) balances for individuals in their 30s decreased by approximately 2% in the first quarter. The good news, as highlighted by the investment company, is that savings rates remained consistent. 

How Much Should Someone in Their 30s Have Saved?

Fidelity suggests that a person should have one year’s salary saved by the time they are 30. By age 40, the global financial services company advises that a person should have three times their annual salary saved.

Current 401(k) account balances indicate that individuals in their 30s may be significantly short of these recommendations. However, many savvy investors have other retirement accounts, such as IRAs or Roth IRAs, that may better align their savings with expert suggestions. 

What To Do To Boost Retirement Savings

Millennials were skeptical whether they had saved enough, according to Northwestern Mutual’s 2025 Planning & Progress Study, with 57% saying they were somewhat likely or very likely to outlive their savings. Fortunately, there are several options available to 30-year-olds hoping to boost retirement savings. 

The financial experts at Charles Schwab recommend that individuals in their 30s and 40s strive to cut back where possible, particularly in the face of competing interests. While many millennials are well into their careers, they are also paying back student loans and raising families. Retirement savings may be on the back burner, but they should not be out of the picture. Putting more money into investment accounts, even small amounts, can help boost retirement savings exponentially, especially during this critical decade. 

As income increases, the experts at Charles Schwab encourage individuals in their 30s and 40s to refrain from excessive spending and instead focus on investing. They recommend funding savings first and contributing to a tax-advantaged IRA if they have maxed out their 401(k) contributions. 

Finally, the financial services company also said individuals should avoid borrowing from their 401(k). Even if the amount is paid back with interest, it would not compensate for the growth that could have occurred. 

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