Average Retirement Savings
by Age in America
— 2025 Data
How do your savings stack up? We break down the latest Federal Reserve and Vanguard numbers at every age group — plus the benchmarks you actually need to hit to retire comfortably.
Most Americans know they’re not saving enough for retirement — but few have a clear picture of exactly where they stand relative to their peers. This guide uses the most current data available from the Federal Reserve, Vanguard, and Fidelity to show you the average and median retirement savings for every age group, the benchmarks financial experts recommend, and the specific steps you can take to close the gap — no matter what decade you’re in.
The National Picture: Average vs. Median — Why Both Numbers Matter
Before diving into the age-group breakdowns, it’s critical to understand why there are two different “average” figures quoted, and which one actually reflects the typical American’s situation.
The mean (average) retirement savings for all U.S. families is $333,940, according to the Federal Reserve’s 2022 Survey of Consumer Finances — the most comprehensive dataset on household wealth available. But that number is dragged upward dramatically by a small number of extremely wealthy households. The median — the middle value in the range, the number that half of Americans are above and half are below — is just $87,000. That’s a $246,940 gap driven entirely by concentration at the top.
Over 54% of American households report having no dedicated retirement savings whatsoever, according to the Federal Reserve’s Survey of Consumer Finances. One in four Americans has literally nothing saved. This means the national averages are computed from a subset of savers — making even the median look generous compared to the full population.
For the rest of this guide, we focus primarily on the median — it more honestly reflects where the typical American household stands. We include the average as context, but do not treat it as a goal or a benchmark.
Average Retirement Savings by Age Group
The following data comes directly from the Federal Reserve’s 2022 Survey of Consumer Finances (released October 2023) — the most recent comprehensive survey available. These figures include all retirement account types: 401(k), IRA, 403(b), Roth IRA, SEP-IRA, and pension accounts.
| Age Group | Average (Mean) | Median | % With Any Savings |
|---|---|---|---|
| Under 35 | $49,130 | $18,880 | ~50% |
| 35 – 44 | $141,520 | $45,000 | ~62% |
| 45 – 54 | $313,220 | $87,000 | ~65% |
| 55 – 64 | $537,560 | $185,000 | ~68% |
| 65 – 74 | $609,230 | $200,000 | ~71% |
| 75 and Older | $462,410 | $130,000 | ~65% |
Source: Federal Reserve Survey of Consumer Finances, 1989–2022. Released October 2023. Figures reflect all retirement account balances for families with any savings.
The lower figures for Americans aged 75 and older (median: $130,000) do not indicate they saved less over their lifetime. They reflect active drawdowns — retirees spending what they accumulated. This is the system working as intended. A more concerning pattern is the wide gap between average and median from age 45 onward, which signals growing wealth concentration among top earners.
Visual Breakdown: Average vs. Median at Every Age
The widening gap between average and median after age 45 is striking. By age 55–64, the average is $537,560 but the median is only $185,000 — meaning the top tier of savers is accumulating dramatically more than the typical household at precisely the time retirement becomes imminent. This is the retirement inequality story in a single chart.
Deep Dive: Each Decade of Your Career
See Your Own Retirement Number
Enter your age, savings rate, and current balance. Our calculator projects your exact nest egg at retirement — with inflation adjustment.
Use the Free Retirement Calculator →What You Should Have Saved by Age — The Expert Benchmarks
The data above tells you what Americans have saved. This section tells you what retirement experts say you should have saved. The most widely referenced framework comes from Fidelity Investments, based on saving 15% of income annually and retiring at 67.
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301× your annual salary If you earn $60,000, aim for $60,000 saved by 301×
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352× your annual salary Compound interest starts doing the heavy lifting here2×
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403× your annual salary At $80K income: $240,000 in retirement accounts3×
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506× your annual salary Catch-up contributions available from age 50 onward6×
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608× your annual salary This decade: maximize every possible contribution8×
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6710× your annual salary The target at full Social Security retirement age10×
The median American aged 55–64 has saved $185,000. At the median U.S. household income of approximately $77,000, the Fidelity benchmark at age 60 is $616,000. That’s a $431,000 shortfall — representing the retirement crisis hiding behind comfortable national averages.
401(k) Balances by Generation: Fidelity & Vanguard 2025 Data
For a more granular look at workplace retirement accounts specifically, here is the most current data from two of America’s largest retirement plan administrators:
| Generation | Fidelity 401(k) Avg (Q4 2024) | Vanguard DC Plan Avg (2024) | Fidelity IRA Avg (Q4 2025) |
|---|---|---|---|
| Gen Z (under ~27) | ~$11,300 | $6,899 | — |
| Millennials (~28–43) | ~$62,400 | $42,640 | — |
| Gen X (~44–59) | ~$182,100 | ~$150,000 | — |
| Baby Boomers (~60–78) | ~$246,200 | $299,442 (65+) | — |
| All Participants | $146,400 | $148,153 | $137,095 |
Sources: Fidelity Investments Q4 2024 / Q4 2025 data; Vanguard How America Saves 2025. Fidelity average IRA balance up 7% year-over-year. 401(k) average up 11% — third consecutive year of double-digit gains.
Why Most Americans Fall Short of Retirement Goals
The data is sobering. Most Americans — including those actively saving — are behind the benchmarks. Understanding why helps avoid the same traps:
1. Starting Too Late
Only 51% of Americans started saving for retirement before age 35, according to a 2024 SoFi survey. A 25-year-old who saves $200/month at 7% average annual return reaches $525,000 by 65. A 35-year-old doing the same reaches only $243,000. A decade of delay costs over $280,000 — without changing the monthly contribution.
2. Leaving Employer Match on the Table
Studies consistently show that many Americans contribute below the threshold required to capture their full employer match — effectively turning down free compensation. The average employer match is 4.5% of salary. On a $70,000 salary, that’s $3,150 per year — or $126,000 over 20 years, before any investment growth.
3. The Inflation Effect
The cost of living has increased by an average of 2.5% annually between 1975 and 2024. Over a 25-year retirement, this reduces the purchasing power of $200,000 in today’s dollars to roughly $118,000 by the final year — a 41% erosion. Retirement plans that don’t account for inflation consistently under-prepare.
4. Healthcare Costs in Retirement
A couple retiring in their early 60s may need $296,000 in additional savings just to cover healthcare expenses — including premiums, deductibles, and prescription drug costs — throughout retirement. This is frequently underestimated in retirement savings targets.
5. Stopping Contributions During Downturns
According to Allianz Life research, 51% of Americans stopped or reduced retirement savings contributions due to inflation pressures. Pausing contributions during market downturns means missing the recovery — which is historically when the biggest gains are made at the lowest cost.
How to Catch Up at Any Age — Practical Steps
In Your 20s and Early 30s
- Automate contributions — even 5% of salary, increasing by 1% each year
- Capture the full employer match — this is your first and highest-ROI investment
- Open a Roth IRA — tax-free growth is most valuable when your tax rate is low (which it is now)
- Use our free Roth IRA Calculator to model your tax-free growth trajectory
In Your 30s and 40s
- Aim to increase your savings rate to 15% of gross income
- Refinance high-interest debt — every dollar not paying 20% credit card interest is a dollar that can compound at 7–8%
- Use our Compound Interest Calculator to see exactly what different rates of return mean for your timeline
- Review beneficiary designations on all retirement accounts — these override your will
In Your 50s
- Maximize catch-up contributions: $31,000/year to 401(k) ($23,500 standard + $7,500 catch-up for 2025)
- For those aged 60–63, SECURE 2.0 allows an enhanced catch-up of $11,250 instead of $7,500
- Add an extra $1,000/year to IRA (catch-up, on top of the standard $7,000 limit)
- Model your Social Security claiming strategy — delaying from 62 to 70 increases your monthly benefit by up to 76%
In Your 60s and Beyond
- Build a 1–2 year cash buffer to avoid forced selling during market downturns
- Consider a Roth conversion strategy to reduce future Required Minimum Distributions
- Calculate your sustainable withdrawal rate — the 4% rule is a starting point, but personal health, portfolio allocation, and Social Security timing all affect your number
- Use our Retirement Calculator to model multiple scenarios before making any irreversible decisions
Increase your contribution rate by just 1% of salary today. On a $70,000 salary, that’s $700/year — roughly $58/month. Over 20 years at 7% return, that single 1% increase adds approximately $36,000 to your retirement balance. Do it three times over three years and that’s over $100,000.
Calculate Your 401(k) Growth
See how employer match, contribution rate, and compounding build your future retirement income — with and without catch-up contributions.
Use the Free 401(k) Calculator →Frequently Asked Questions
According to the Federal Reserve’s 2022 Survey of Consumer Finances, Americans aged 45–54 have an average retirement savings of $313,220. The median — which better reflects the typical household — is $87,000. Vanguard’s data for the same age group from defined contribution plans puts the figure slightly lower. A 50-year-old following Fidelity’s benchmark should have approximately 6× their annual salary saved.
Most financial experts recommend having 3× your annual salary saved by age 40. For a household earning $75,000, that means approximately $225,000. The national median for the 35–44 age group is only $45,000, which means most Americans are significantly behind this benchmark. However, the target depends on your specific situation — income growth expectations, planned retirement age, lifestyle goals, and whether you’ll have a pension or other income sources.
More than half of American households (54%) report having no dedicated retirement savings, according to the Federal Reserve’s Survey of Consumer Finances. One in four Americans has no retirement savings at all. This figure has remained stubbornly high despite decades of awareness campaigns. The gap between non-savers and savers is actually growing — as those who do save are accumulating more, and those who don’t are falling further behind.
Whether $500,000 is enough to retire depends on your age, expenses, other income sources, and expected longevity. Using the 4% rule, $500,000 generates $20,000/year in withdrawals. Combined with the average Social Security benefit of $1,960/month ($23,520/year), total income would be approximately $43,500/year. For many Americans — particularly those with lower expenses, a paid-off home, or a part-time income — this is viable. For others with higher living costs or significant healthcare needs, it is not. Use our Retirement Calculator to run your specific numbers.
Fidelity’s Q4 2025 data puts the average 401(k) balance across all participants at $146,400, up 11% from the prior year and representing the third consecutive year of double-digit gains. Vanguard’s How America Saves 2025 report found a nearly identical figure of $148,153 as of year-end 2024. These are plan-participant averages — meaning they only count people who actively have a 401(k), excluding the roughly 36% of Americans with no retirement account at all.
For 2025, the 401(k) contribution limit is $23,500 for those under 50, plus a $7,500 catch-up contribution for those 50 and older (total: $31,000). For 2026, the standard limit increases to $24,500. Those aged 60–63 benefit from an enhanced catch-up contribution of $11,250 under SECURE 2.0 rules that took effect January 1, 2026. IRA contribution limits are $7,000 ($8,000 for 50+) for both years. Contributing the maximum, especially with employer matching, is one of the most powerful wealth-building actions available to working Americans.
- Board of Governors of the Federal Reserve System. Survey of Consumer Finances, 1989–2022. Released October 2023. federalreserve.gov
- Vanguard. How America Saves 2025. Based on 4.9 million defined contribution plan participants. vanguard.com
- Fidelity Investments. Q4 2025 Retirement Analysis. Based on 24.5 million participants in 26,700 corporate plans. fidelity.com
- Transamerica Center for Retirement Studies. 2025 Research on Middle-Class Retirement. Data through late 2024.
- Social Security Administration. Monthly Statistical Snapshot, November 2025. ssa.gov
- Congressional Research Service. Distribution of Retirement Account Balances: Analysis of the 2022 Survey of Consumer Finances. congress.gov
- NerdWallet / Harris Poll. Financial Concerns Survey, April 2025.