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Even when you're putting part of every paycheck toward retirement, it's hard not to wonder if you're doing enough for Future You. The typical recommendation is to sock away somewhere between 10% and 20% of your income, but between the rent/mortgage, groceries, student loans, and just trying to live your life, hitting double-digits can feel like a stretch for many folks.

So how much do most people actually contribute to their 401(k)s and similar retirement plans?

Fidelity Investments said the average savings rate among its more than 25 million 401(k)s was 9.6% in the first quarter of this year — 7.5% for Gen Z up to 12.2% for Baby Boomers.

But among Vanguard's defined contribution plans, the average deferral is 7.6% of income, and the median — which isn't skewed by outsized contributions — is 6.6%, according to the company's latest analysis. Only 25% of participants are contributing 10% or more, and even people earning six figures average in the 8% to 9% range. (Check out the chart below for more details.)

So what?

There's no "normal" contribution rate, and some would say the 10% to 20% includes whatever your employer may contribute too. The right balance for you depends on a bunch of factors, including the breathing room in your budget, your age and career stage, what you expect to do in retirement, and whether you'll rely on a spouse's income too.

No matter where you fall on the spectrum, remember: If you're saving at all, you're a leg up. Forty percent of Americans don't have any retirement account, according to a 2025 Gallup poll.

The more important thing is to make progress. Here are a few simple tips to help:

Get your employer's full match. A matching contribution is essentially free money. According to Vanguard, the most common formula is 50 cents on every $1 of your first 6%, but no matter what it is, ideally you want to contribute enough to get it all.

Check your contribution rate if you were auto-enrolled. Government rules now require many employers to automatically enroll workers in their retirement plan unless they actively opt-out. If you were auto-enrolled, it's worth checking to make sure the default contribution rate (at least 3%) is high enough to unlock your company's match. And while you're at it, consider bumping it higher — if you can.

Just start saving, even if it's a small amount. If you're a younger worker with an entry-level salary, remember: A high saver was almost certainly a lower saver at some point. Your contributions can grow alongside your income, but the earlier you start, the less heavy lifting you have to do later.

In fact, because of compound returns, a retirement plan with a low contribution rate that's opened in your 20s could potentially outgrow a plan with bigger contributions but started later in life. (You can use SoFi's retirement calculator to see how the math works.)

•   For an added boost, try kicking off a new savings goal on a special "fresh start" date (birthday, New Year, start of a new season). Research from the Wharton School suggests this could increase your savings 20%–30% within eight months, compared to just saying you'll get to it "soon."

•   If you get a raise, consider putting half of it into your account before you ever feel it. Got a 4% raise? Immediately increase your contribution rate by 2%.

Leverage the tax advantages. Contributing to a 401(k) benefits more than just Future You — It can reduce your taxable income now, potentially lowering your tax bill. And although the IRS has annual dollar limits on contributions ($24,500 for 2026), if you're at least 50, there are special catch-up limits. (Keep in mind that higher earners may actually have a lower contribution percentage because of these limits.)

Move beyond a 401(k). If you've maxed out your 401(k), or at least maximized the employer match, having an Individual Retirement Account (IRA) can help you fast track your retirement goals. An IRA has separate contribution limits ($7,500 in 2026), often has more investment options than a 401(k), and isn't attached to your job. Plus, the rules around tapping into one early tend to be less strict.

Nobody enrolls you in an IRA except you, though, which is exactly why fewer than one in five U.S. households contribute to one in a given year, according to the Investment Company Institute.

Related Reading

Retirement Savings Set Record High — But So Do Hardship Withdrawals: Vanguard (Yahoo! Finance)

How Retirement Savings by Age Reveal Shifts in Americans' Financial Planning (Investopedia)

Generation Roth: Why Young Savers Love These IRAs (SoFi)

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