This is a complete list of up-to-date 401k statistics. On this page, you’ll find hand-picked statistics about:
401k participation stats
- As of 2020, 55 million Americans participate in a 401(k) plan. [ICI]
- 66% of workers in the US are offered a retirement plan by their employer, and 55% of those plans are 401(k) plans. [Pew]
- 30% of workers in the US don’t participate in their employer’s retirement plan. [Vanguard]
- In 2020, 71% of 401(k) plans automatically enrolled new employees. [PSCA]
- The percentage of workers in the US with access to a 401(k) plan increases with income and education level. [Pew]
- The percentage of workers in the US with access to a 401(k) plan decreases with job tenure and part-time status. [Pew]
- 59% of workers in the US say they would be more likely to participate in a retirement plan if it offered a student loan repayment benefit. [TIAA]
- The percentage of workers in the US with access to a 401(k) plan varies widely by industry, with the highest rates in finance and insurance and the lowest rates in retail and hospitality. [TCRS]
- 82% of workers in the US say that they would participate in a retirement plan if it was offered by their employer. [TIAA]
- The percentage of workers in the US with a 401(k) plan has increased from 8% in 1984 to 52% in 2020 for workers aged 25 to 34. [Fidelity]
- The percentage of workers in the US with access to a 401(k) plan has increased from 19% in 1980 to 67% in 2020. [Pew]
- In 2020, 47% of workers in the US said that they had no idea how much money they needed to save for retirement. [Bankrate]
- In 2020, 48% of workers in the US said that they were not currently saving for retirement. [GoBankingRates]
401k balance & contribution stats
- The average 401(k) plan balance was $106,478 in Q3 2021. [Fidelity]
- In 2020, the average 401(k) plan balance for people aged 35 to 44 was $48,821. [Vanguard]
- The average contribution rate to a 401(k) plan is 8.9%. [Vanguard]
- In 2020, the total amount of assets in 401(k) plans was $7.9 trillion. [ICI]
- The average employee contribution to a 401(k) plan was 7.2% in 2020. [Vanguard]
- In 2020, 29% of workers in the US said that they had increased their 401(k) contributions due to the COVID-19 pandemic. [TCRS]
- In 2020, 28% of workers in the US said that they had decreased their 401(k) contributions due to financial hardship. [NIRS]
- In 2020, 20% of workers in the US said that they had decreased their 401(k) contributions due to the COVID-19 pandemic. [Vanguard]
- 54% of workers in the US say they worry they will never be able to save enough for retirement. [Vanguard]
- 25% of workers in the US plan to retire at age 70 or older. [EBRI]
401k features & fees stats
- In 2020, the average 401(k) plan had 17 investment options. [Callan]
- As of 2021, 79% of 401(k) plans offer a Roth option. [PSCA]
- In 2020, 54% of 401(k) plans had a Roth option for employee contributions. [EBRI]
- In 2020, 52% of 401(k) plans automatically increased employee contributions over time. [PSCA]
- In 2020, 11% of employers offered a student loan repayment benefit through their 401(k) plan. [PSCA]
- In 2020, the average 401(k) plan fee was 0.46% of assets. [401k Specialist]
401k match stats
- In 2020, the average 401(k) plan match was 4.3% of employee contributions. [PSCA]
- In 2020, 40% of workers in the US said that their employer offered a 401(k) match. [TCRS]
- In 2020, the most common employer match formula was a dollar-for-dollar match up to a specified percentage of salary, according to 46% of workers with a 401(k) match. [PSCA]
- 83% of workers in the US say that an employer match to a 401(k) plan is an important factor when considering a job offer. [TIAA]
- In 2020, 25% of workers in the US said that their employer had suspended or reduced their 401(k) match due to the COVID-19 pandemic. [TIAA]
- In 2020, the median employer match to a 401(k) plan was 4.0% of employee contributions. [PSCA]
- In 2020, 11% of employers offered a student loan repayment benefit through their 401(k) plan, with some offering a match to employee loan payments. [PSCA]
- In 2020, 71% of 401(k) plans automatically enrolled new employees, with some plans automatically enrolling employees in both the plan and the employer match. [PSCA]
- In 2020, the average employee deferral rate for participants in a 401(k) plan with an employer match was 9.9%. [Vanguard]
401k withdrawals & loans stats
- The average 401(k) plan loan balance was $9,432 in Q3 2021. [Fidelity]
- In 2020, 28% of workers in the US had taken a loan from their retirement account. [CNBC]
- 32% of workers who took a 401(k) loan or withdrawal said that they regretted doing so. [TCRS]
- In 2020, 39% of workers in the US said they had taken a hardship withdrawal from their retirement account. [Vanguard]
- In 2020, 33% of workers in the US took a 401(k) loan or withdrawal. [Vanguard]
- The most common reason for taking a 401(k) loan or withdrawal is to pay off debt or bills, according to 43% of workers who took a loan or withdrawal. [TCRS]
- 35% of workers in the US say that they have no idea how much they will need to withdraw from their 401(k) plan in retirement. [TIAA]
- In 2020, 42% of workers in the US said that they had taken a hardship withdrawal from their 401(k) plan. [Vanguard]
- 15% of workers who took a 401(k) loan or withdrawal said that they did so to purchase a home. [TCRS]
- In 2020, 14% of workers in the US said that they had taken a coronavirus-related distribution from their 401(k) plan. [Vanguard]
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