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Average retirement savings by age
How much does the typical American actually have saved for retirement? Less than most people think. Here are the real numbers from the Federal Reserve's Survey of Consumer Finances — and how to work out whether you are on track.
Median retirement savings by age group
The figures below are median retirement account balances (401(k), IRA, and similar accounts) among U.S. households that have such accounts, by age of the head of household. They come from the Federal Reserve's Survey of Consumer Finances (SCF), the most comprehensive public dataset on American household finances; the most recent full survey is the 2022 edition.
| Age group | Median retirement savings |
|---|---|
| Under 35 | $18,880 |
| 35–44 | $45,000 |
| 45–54 | $115,000 |
| 55–64 | $185,000 |
| 65–74 | $200,000 |
| 75 and older | $130,000 |
Across all households with retirement accounts, the overall median balance is about $87,000. Balances peak in the 65–74 group at a median of $200,000, then fall for those 75 and older as retirees draw their savings down.
Why the medians look low
Two reasons. First, these figures only count dedicated retirement accounts — home equity, taxable investments, pensions, and future Social Security are not included, and for many households those are substantial. Second, a large share of American families have no retirement account at all; among those, the effective balance is zero, which the table above doesn't even capture.
How much should you have saved?
Benchmarks vary, but a widely used rule of thumb (popularised by Fidelity) is to aim for 1× your salary saved by 30, 3× by 40, 6× by 50, 8× by 60, and 10× by 67. Another common target is savings of about 25× your expected annual spending, which pairs with the 4% withdrawal rule.
The honest answer, though, is that "on track" depends on your retirement age, expected return, and contribution rate — which is exactly what a projection shows better than any table. Our free retirement calculator takes your current age, savings, and monthly contribution and shows your projected balance at retirement plus the monthly income it could support. Two minutes, no sign-up, and the numbers never leave your device.
How to move up the table
- Start now, not at a round number. Time compounds harder than contribution size — see compound interest explained.
- Capture the full employer match. It is an instant, guaranteed return no market can beat.
- Automate contributions so saving happens before spending can.
- Raise your rate with every raise. One percentage point per year is barely felt but changes the endpoint dramatically.
Sources & methodology
- Federal Reserve, Survey of Consumer Finances (2022) — median retirement account balances by age group.
- Congressional Research Service, Distribution of Retirement Account Balances: Analysis of the 2022 SCF.
- Federal Reserve, Changes in U.S. Family Finances 2019–2022 (PDF).