It's helpful to know the average retirement savings of your peers because, let's face it, your friends won't volunteer their numbers. As you near the end of your career, you'll want to be in at least as strong a financial situation as others your age so you can afford to vacation together or even move to the same retirement community. Most of all, it's a crucial step to ensure you're saving enough for the kind of retirement you want.
Calculating your retirement savings is easier than determining your net worth. You don't need to subtract liabilities like your mortgage from the equation. Instead, you can start by checking the balances of any IRA and 401(k) accounts you have. Then include the balances of HSAs and your after-tax accounts, such as Roth IRAs, mutual funds and brokerage accounts, as if they were all one “retirement portfolio.” You may already know your numbers if you have a financial adviser or financial software that aggregates your accounts.
To get a sense of where you stand relative to your peers, we've assembled the average retirement savings and the median retirement savings for your age.
Average retirement savings: mean vs median
When there are wide variations in income and savings within a given group, as is the case in the U.S., it's essential to look at both kinds of averages: mean and median. You might have to harken back to sixth-grade math to recall that "mean" is what we typically think of as "average," and "median" is the "middle" value in a range of numbers. When we look at retirement savers, the enormous wealth of individuals like Warren Buffett can make our overall retirement savings appear healthier than they actually are for the typical American. So, we focus here on both numbers, but particularly the median.
Over half of American households (54%) report having no dedicated retirement savings, according to the Federal Reserve's Survey of Consumer Finances (SCF). Yet the total 401(k) savings rate remained steady for a third consecutive quarter at 14.2% in Q4 2025. These seemingly contradictory numbers indicate that the gap between non-savers and savers is growing. That gap can further distort what you can learn from average (mean) retirement savings balances, unlike comparing those actively saving in a 401(k) or IRA against other plan participants and contributors.
Let's examine the mean and median retirement account balances by age, as reported by the Federal Reserve.
Total mean and median retirement savings by age
One of the most anticipated moments in life after marriage and parenthood is retirement. Similar to other key milestones in life, this is a decision filled with joy, relief, fear and anxiety. It will come as no surprise that a lot of the anxiety comes from a fear of outliving their retirement assets. The “magic number” Americans think they need to retire comfortably in 2026 is $1.46 million. That's $200K more than the $1.26 million figure from 2025 and is still a far cry from what most people have socked away in their various retirement accounts.
As you can see from the table below, the median retirement savings for those aged 55-64 ($185,000) and 65-74 ($200,000) are far below that $1.46 million "magic number."
Age |
Median Savings |
Mean Savings |
|---|---|---|
Less than 35 |
$18,350 |
$49,130 |
35-44 |
$45,000 |
$141,520 |
45-54 |
$115,000 |
$313,220 |
55-64 |
$185,000 |
$537,560 |
65-74 |
$200,000 |
$609,230 |
75 and over |
$130,000 |
$462,410 |
Table Source: Federal Reserve: Survey of Consumer Finances, 2023.
For more details on specific retirement accounts, consider the average 401(k) and IRA balances in the table below.
Age |
401(k) balance |
|---|---|
20-24 |
$7,300 |
25-29 |
$24,000 |
30-34 |
$45,700 |
35-39 |
$73,200 |
40-44 |
$109,100 |
45-49 |
$152,100 |
50-54 |
$199,900 |
55-59 |
$244,900 |
60-64 |
$246,500 |
65-69 |
$251,400 |
70+ |
$250,000 |
Generation |
Age range |
IRA balance |
Gen Z |
Age 29 and under |
$8,010 |
Millennials |
Ages 30-45 |
$29,400 |
Gen X |
Ages 46-61 |
$120,300 |
Boomers |
Ages 62-80 |
$287,600 |
How Americans save in retirement accounts
Retirement assets accounted for 34% of all household financial holdings in the U.S. as of December 2025. The $49.1 trillion national nest egg grew by $3.3 trillion from the third quarter of 2025. The majority of IRA balances come from 401(k) rollovers. Here's how these funds were allocated, according to the Investment Company Institute.
Kind of account |
Total assets in trillions of US Dollars |
|---|---|
Annuities |
$2.6 |
Private sector plans or pensions |
$3.11 |
Government sector plans or pensions |
$9.95 |
401(k)s and similar defined contribution plans |
$14.2 |
IRAs |
$19.2 |
Total |
$49.1 |
How to catch up
If you are behind in saving for retirement, you aren't alone. You are ahead of 54% of people who admit to having no retirement savings whatsoever. Whether you need to make up for lost time or want to build a cushion against inflation or unexpected expenses, it's never too late to do something now. Every dollar you set aside will grow as you continue to work toward retirement.
Here are ways to build up your retirement portfolio depending where you are in your savings journey:
20s & 30s: The "compounding" phase
At this stage, your most powerful tool isn't the amount you contribute, but the time that money stays in the market. Because of compound interest, a dollar invested at age 30 can be worth significantly more than a dollar invested at 50. For example, $10,000 invested at 30 with a 7% return grows to roughly $106,000 by age 65. If you wait until 45 to invest that same $10,000, it only grows to about $38,000. Start early, even if the amounts feel small.
- Audit your employer match: This is an immediate 100% return. Ensure you are contributing at least enough to get the full match before addressing other financial goals.
- The "raise" rule: Whenever you get a salary bump, commit half of that increase to your retirement account. You won't "feel" the loss in your paycheck because your take-home pay still technically went up.
40:s Front-Loading and "The 15-Year Horizon"
By age 45, you are roughly 20 years away from standard retirement age. This is the last window where compounding can still do the "heavy lifting" without you needing to contribute astronomical amounts in your 60s.
- Maximize the "gap" with front-loading: If your cash flow allows, try to hit your annual 401(k) limit ($24,500 for 2026) as early in the year as possible. Getting that money into the market by March or April rather than December gives it an extra six months of growth.
- The 15-year rule: Aim to reach a "coasting" point by age 50. If you can aggressively over-fund your accounts now, the compounding effect over the next 15 years can potentially double your balance even if you have to scale back contributions later in your 50s to cover other life expenses
50s: The "catch-up" phase
Turning 50 unlocks higher contribution ceilings, allowing you to shove more money into tax-advantaged buckets.
-
Standard catch-up contributions:
- 401(k)/403(b): You can contribute an extra $8,000 in 2026, bringing your total possible contribution to $32,500.
- IRA (traditional/Roth): The catch-up limit for 2026 has been adjusted for inflation to $1,100, allowing for a total contribution of $8,600.
- Downsize early: If your children have moved out, consider moving to a smaller home or a lower-tax area now. Redirecting the difference in property taxes and maintenance into your 401(k) can bridge a massive gap in one decade.
60s: The "super catch-up" phase
The SECURE 2.0 Act created a unique high-velocity savings window for those in their early 60s.
- "Super catch-up": If you are aged 60, 61, 62, or 63, your catch-up limit increases significantly. For 2026, this limit is $11,250 for 401(k)s, allowing for a total annual contribution of $35,750.
- Delay Social Security: Every year you wait to claim past your Full Retirement Age (FRA), up to age 70, increases your benefit by 8% annually. This is a guaranteed "return" that is hard to beat in the open market.
Get the full story: what you're worth
Want to see how more of your retirement portfolio compares to peers? Read:
The Average 401(k) Balance by Age,
The Average IRA Balance by Age,
The Average Social Security Check by Age, and
Average Retirement Income by Age and State.
