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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 | Mean (average) | Mean ÷ median |
|---|---|---|---|
| Under 35 | $18,880 | $49,130 | 2.6× |
| 35–44 | $45,000 | $141,520 | 3.1× |
| 45–54 | $115,000 | $313,220 | 2.7× |
| 55–64 | $185,000 | $537,560 | 2.9× |
| 65–74 | $200,000 | $609,230 | 3.0× |
| 75 or older | $130,000 | $462,410 | 3.6× |
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.
Retirement savings by age chart
The same figures as a chart. The gap between the two bars is the story: the mean sits three to five times above the median in every age band, because a small number of very large accounts drag the average upward.
Federal Reserve, 2022 Survey of Consumer Finances. Scroll the chart sideways on a narrow screen.
Average vs median — and why the difference matters
Most articles quote the average, because it is the larger and more dramatic number. It is also the more misleading one. For households aged 55–64 the average balance is $537,560 while the median is $185,000 — the average household in that band is not the typical one.
If you want to know how you compare, use the median. If you want to know how much money is in the system overall, use the mean. The final column above shows the ratio; anywhere it exceeds about 3, the distribution is heavily skewed by the top end.
How many people have nothing saved
The table only counts households that actually hold a retirement account. That is a significant filter: roughly 54% of US households had any retirement account in 2022, meaning close to half had none at all.
Participation does not climb steadily with age either. About 57% of households headed by someone aged 55–64 held a retirement account, falling to about 51% for those aged 65–74 as retirees spend down and close accounts. So the medians above describe the savers, not the whole population — the true midpoint across all households is considerably lower.
What counts as a retirement account here
The SCF figures combine defined-contribution plans and IRAs into one total per household. That includes 401(k), 403(b), 457, Thrift Savings Plan, traditional IRA, Roth IRA and SEP/SIMPLE IRA balances.
It does not include traditional defined-benefit pensions, Social Security, home equity or taxable brokerage accounts. For households with a pension — still common in public-sector work — the balance shown here can understate retirement readiness substantially. The survey reports the combined figure rather than a separate median for each account type, so a standalone "average IRA balance" or "average 403(b) balance" is not directly available from this dataset.
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).