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The average retirement savings for American families is $333,940 and the median is $87,000, according to the most recent Federal Reserve Survey of Consumer Finances released in 2023 .
What average and median retirement savings mean
These numbers show how much Americans have saved, but they aren’t goals. It’s important to remember that the average retirement balance can be skewed by high and low balances, whereas the median number may better reflect typical households.
That said, these numbers aren’t goals, but benchmarks. Use them to gauge your own retirement savings progress. And whether you’re ahead or behind, just knowing where you fall could help you assess whether you want to adjust your contributions, timeline or current financial goals.
For a more accurate estimate of your retirement readiness, use our retirement calculator.
Average retirement savings by age
Here are the average and median retirement savings by age, according to the Federal Reserve:
| Age range | Average retirement savings | Median retirement savings |
|---|---|---|
| Under 35 | $49,130 | $18,880 |
| 35-44 | $141,520 | $45,000 |
| 45-54 | $313,220 | $115,000 |
| 55-64 | $537,560 | $185,000 |
| 65-74 | $609,230 | $200,000 |
| 75 and older | $462,410 | $130,000 |
Outliers can heavily skew averages, so we include median balances in the breakdown. 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.
» Looking for statistics on 401(k) accounts? See the average 401(k) balance by age
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Average retirement savings by age group
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. These could include IRAs, Keoghs and certain employer-sponsored accounts, such as 401(k)s, 403(b)s and thrift savings accounts.
Ways to build your retirement savings: Aim to contribute enough to earn your full employer match in 401(k) plan (or other workplace retirement account), and increase contributions gradually as your income grows. You can also open a Roth IRA. If you’re managing student loans or other debt, focus on high-interest balances but try not to delay retirement saving entirely.
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.
This group's retirement holdings' average and median values are significantly higher than those under age 35.
Ways to stay on track with retirement saving: An IRA can be a great way to increase retirement savings while juggling other financial priorities such as childcare, living expenses and more. As earnings rise, consider directing raises or bonuses towards retirement accounts. These cash infusions can compound over time and grow. If you’ve switched jobs, also periodically review old workplace plans and decide if you want to consolidate to simplify investing and reduce fees.
» Check out our roundup of the best IRA accounts
Ages 45 to 54
- Average household retirement savings: $313,220.
- Median household retirement savings: $115,000.
About 62% of households headed by someone aged 45 to 54 have retirement holdings, according to the survey.
How to boost retirement savings: If possible, increase your savings rate during these peak earning years and take full advantage of employer matches and even mega or backdoor Roth strategies, if allowed. Paying down high-interest debt may also free up more money to invest.
» More on how mega backdoor Roths work
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, ranging from 65 to 67, depending on your year of birth. About 57% of households headed by a baby boomer have retirement holdings.
How to grow your retirement savings: Those 50 and older can make catch-up contributions to 401(k)s and IRAs, which can help boost savings in the final working years. Delaying retirement or reducing fixed expenses can also improve long-term income stability. Even a few additional years of contributions can make a difference.
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.
How to strategize your retirement withdrawals: Focus on creating a sustainable withdrawal strategy to help your savings last throughout retirement. Managing required minimum distributions and taxes becomes increasingly important. Maintaining some growth exposure may help offset inflation.
» How much is Social Security? See the average Social Security check at age 66
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 (42%).
How to maintain financial stability throughout retirement: Review spending and income regularly to help ensure your savings continue to support your needs. Planning for healthcare and long-term care costs is especially important at this stage. Simplifying investments and updating estate documents can also provide added stability.
» Looking to boost your savings? Those 50 or older get higher 401(k) contribution limits
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AD Advertisement How many people have $1,000,000 in retirement savings?
Of the 54.3% of U.S. households that have any money in retirement accounts, only about 5% have $1,000,000 or more in retirement savings.
How many Americans have $500,000 in retirement savings?
Of the 54.3% of U.S. households that have any money in retirement accounts, only about 9.3% have $500,000 or more in retirement savings.
What to know about average retirement savings
How do your retirement savings compare with the national average? The desire to know how you're doing in relation to your peers is natural, even if the question of how much you need for retirement is a personal one. After all, retirement savings are a common money worry. Nearly 2 in 5 Americans (39%) said “not having enough saved for retirement” was a financial concern in an April 2025 NerdWallet survey conducted online by The Harris Poll.
Many financial pros recommend putting away 10% to 15% of your income for retirement, though that may not always be possible. While tracking where you fall compared to the average and median retirement savings by age could be helpful, keep in mind these numbers only tell a portion of the story.
» When are people retiring: See the average retirement age
Not everyone who is the same age will retire at the same time. And many things play a role in retirement savings: income, planned retirement spending, expected retirement age, life expectancy, and even systemic inequity. According to the Survey of Consumer Finances, 61.8% of White, non-Hispanic Americans held a retirement account compared to 34.8% of Black families and 27.5% of Hispanic families. (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.
To make a plan to save for retirement, start with one of our calculators below:
- Retirement calculator: Find out how much you personally will need to retire.
- Roth IRA calculator: Estimate your balance at retirement based on how much you can contribute this year.
- 401(k) calculator: Estimate how much you'll have at retirement based on your monthly contribution and any employer match.
- Social Security calculator: Estimate your monthly benefit based on when you plan to retire.
» Dive into how much to save for retirement
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How does your
net worth stack up?
See where you stand compared to households like yours, and get steps you could take to grow from here.
NWWP is an SEC-registered investment adviser. Registration does not imply skill or training. Calculator by NerdWallet, Inc., an affiliate, for informational purposes only.
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.
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- 1. Board of Governors of the Federal Reserve System. Survey of Consumer Finances, 1989 - 2022. Accessed Feb 20, 2026.
- 2. Congressional Research Service. Distribution of Retirement Account Balances: Analysis of the 2022 Survey of Consumer Finances. Accessed Feb 20, 2026.
- 3. Survey of Consumer Finances. 2022 Survey of Consumer Finances. Accessed Feb 20, 2026.
- 4. AARP. AARP Financial Security Trends Survey, January 2024: Sense of Financial Security Holds Steady, Optimism Up. Accessed Feb 20, 2026.
