Fidelity: 401(k) Balances Hit Record $155,800, But More Workers Are Borrowing Against Them

Americans' average 401(k) balance hit a record $155,800 in Q2 2026, up 10.5% from the end of March and 13.1% year-over-year, according to Fidelity's quarterly retirement analysis covering 27,300 employer-sponsored plans and 25.8 million participants.
The number of 401(k) accounts worth $1 million or more climbed to 769,000, up 30% from a year earlier, while IRA millionaires rose to 684,140 from 571,622. The typical 401(k) millionaire is 58, has saved for 25 years, and maintains a combined savings rate of 25.8% including employer contributions. Gen X made up 62% of this group, followed by baby boomers at 31% and millennials at 6%.
The average employee contribution rate held at a record 9.6%, but about 18.8% of eligible employees still failed to capture their full employer match in the quarter. Fidelity noted that missing the match consistently compounds into a significant long-term shortfall over a career.
At the same time, 19.5% of savers carried an outstanding 401(k) loan, up from 19.2% in Q1, and hardship withdrawals rose to 3% of participants from 2.6% a year earlier, pointing to growing financial strain even as headline balances hit new highs.