What Is the Average Retirement Savings by Age?
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Are you saving enough for retirement? Many financial pros recommend putting away 10% to 15% of your income for retirement, but that's not always possible and it's not always happening.
According to the Federal Reserve's 2022 Survey of Consumer Finances — the most recent data available — 54.4% of all families hold retirement accounts. That means almost half of America is not investing for retirement.
So, while we can tell you the average and median retirement savings by age, keep in mind those amounts only tell a portion of the story.
» Learn more: See additional retirement account statistics
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Average retirement savings balance by age
Based on data from the 2022 Survey of Consumer Finances, the average retirement savings for all families is $333,940. The average retirement savings by age is:
Age group | Average retirement savings balance amount |
|---|---|
Under 35 | $49,130. |
35-44 | $141,520. |
45-54 | $313,220. |
55-64 | $537,560. |
65-74 | $609,230. |
75 and older | $462,4100. |
Source: Federal Reserve Board
Median retirement savings balance by age
Because averages can be heavily skewed by outliers — in other words, the savings of over- and underachievers in each group — we’ve also included median balances in the breakdown below.
The median can often provide a more representative number than the average, and you’ll notice that the median numbers are quite a bit lower than the averages. (All data is from the 2022 Survey of Consumer Finances unless otherwise noted.)
Age group | Median retirement savings balance amount |
|---|---|
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. |
Source: Federal Reserve Board
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Retirement savings by age
Under 35
Average household retirement savings: $49,130.
Median household retirement savings: $18,880.
In the Survey of Consumer Finances, nearly 50% of families headed by someone under age 35 had retirement accounts — meant here to include IRAs, Keoghs and certain employer-sponsored accounts such as 401(k)s, 403(b)s and thrift savings accounts.
Of the families in this age group who have retirement holdings, the average value of those holdings is $49,130, and the median value is $18,880.
» Dive into this article about how much to save for retirement
Ages 35 to 44
Average household retirement savings: $141,520.
Median household retirement savings: $45,000.
According to the data, nearly 62% of households headed by someone in this age range had retirement accounts.
The average and median values of this group’s retirement holdings are significantly higher than those under age 35. An IRA can be a great way to increase retirement savings while juggling other financial priorities such as childcare, living expenses, and more.
» Learn how to open an IRA
Ages 45 to 54
Average household retirement savings: $313,220.
Median household retirement savings: $115,000.
About 62% of households headed by someone between the ages of 45 and 54 have retirement holdings, according to the survey.
Ages 55 to 64
Average household retirement savings: $537,560.
Median household retirement savings: $185,000.
This age range is close to Social Security’s definition of full retirement age, which ranges from 65 to 67, depending on your year of birth. About 57% of households headed by a baby boomer have retirement holdings.
Ages 65 to 74
Average household retirement savings: $609,230.
Median household retirement savings: $200,000.
The bulk of these households include someone who is in retirement, or is of retirement age. According to this survey, 51% of this age group have retirement accounts.
Ages 75 and older
Average household retirement savings: $462,410.
Median household retirement savings: $130,000.
After this point, average and median retirement account values begin to fall, as does the percentage of people who have retirement accounts.
» Looking to boost your savings? Those 50 or older get higher 401(k) contribution limits
What are the average and median retirement savings?
The average retirement savings for all families is $333,940, according to the 2022 Survey of Consumer Finances. The median retirement savings for all families is $87,000. Taken on their own, those numbers aren’t incredibly helpful. After all, not everyone who is the same age will retire at the same time.
Many other things play a role in retirement savings, too: income, planned retirement spending, expected retirement age, life expectancy, and even systemic inequity. If you look at the data for Black families, for example, you'll see that 34.8% have a retirement account. For Hispanic families, that number is 27.5%.
» Learn more about retirement savings and people of color
However, retirement savings balances do tend to increase with age, partly due to factors such as increased earnings over the years, compound interest, and more. If you've been struggling to fund retirement accounts, our guide on how to save money may help.
» Need more guidance? Check out our retirement planning guide
The bottom line
Most people are entering their golden years with too little stashed away. According to an April 2024 AARP survey of adults who are saving for retirement, 31% said they aren't sure they will have enough saved and 33% said they will not have enough saved.
If you want to find out how much you personally will need to retire, a retirement calculator can help. If that calculator tells you you’re behind, an IRA can be a good place to start catching up if you can afford to start putting money away.
If you have more concerns about your retirement progress and can invest in additional help, a financial advisor or robo-advisor might be a good option.
» Find the best IRA account for you
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