The average combined defined contribution balance across all age groups was $232,614 at the end of last year. Those reaching the age of retirement (60 to 64) had an average savings of nearly $360,000 in workplace savings and individual retirement accounts.

A paper released Wednesday by the American Benefits Council, American Council of Life Insurers and Investment Company Institute cites a Fidelity analysis of 999,000 individuals who have both an individual retirement account and a workplace savings invested with the firm.

Average combined savings in IRA and workplace accounts ranged from $447,751 for those ages 70 to 75 to $32,317 for the youngest age group (25 to 29).