The Average 401(k) Balance for Americans Ages 65 to 69 May Surprise You

Older Americans don't have very large 401(k) balances on average.

You can grow more savings by starting early and investing wisely.

If you're nearing retirement with limited savings, claiming Social Security strategically could help compensate.

If you're approaching retirement, you've probably wondered whether you've saved enough. While everyone's situation is different, it can be helpful to see how your nest egg compares to those of other Americans.

The average 401(k) balance for workers ages 65 to 69 is $258,800, according to Fidelity. At first glance, that may sound like a healthy amount of money. But once you translate that balance into annual retirement income, the picture changes considerably.

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If your retirement savings look similar, it's worth understanding what income that balance might realistically provide -- and what you can do if you're worried it won't be enough.

By itself, $258,800 is a lot of money. Over the course of a 20-year retirement or longer, it may not be.