Average 401k balance at retirement

I don't think the 80K is at retirement. The 80K represents an average of all accounts from the 24 year old to the 65 year old.

It is a low number and you are right many people will have to work much longer, but also keep in mind many people have multiple accounts (my wife and I each have a Roth and a SIMPLE so total of 4 different accounts) also those that we would assume to have the highest balances (meaning they are entering or near retirement) there was no such thing as a 401K when they entered the work force so they got a late start on contributing and hopefully have some other retirement vehicles (pensions etc) that can make up the lions share