How does your savings compare? Real data on median and average balances — and what the benchmarks actually mean for your retirement.
The median retirement savings for Americans aged 55–64 — the group closest to retirement — is $185,000 according to the Federal Reserve's 2022 Survey of Consumer Finances. The average is much higher ($537,560) because a small number of very large balances skew the mean. Most Americans are behind widely recommended benchmarks. Here's what the data shows — and what it means for you.
Enter your current retirement savings and age to see where you stand against national benchmarks.
Two data sources dominate this research: the Federal Reserve's Survey of Consumer Finances (SCF), conducted every three years, and Vanguard's annual How America Saves report, which covers ~5 million 401(k) participants.
The critical distinction: median is the midpoint (half above, half below) and represents the typical American. The average (mean) is pulled up by the wealthiest households and overstates what most people have saved.
| Age Group | Median Savings | Average Savings | % With Any Savings |
|---|---|---|---|
| Under 35 | $18,880 | $49,130 | ~49% |
| 35–44 | $45,000 | $141,520 | ~57% |
| 45–54 | $115,000 | $313,220 | ~63% |
| 55–64 | $185,000 | $537,560 | ~69% |
| 65–74 | $200,000 | $609,230 | ~70% |
| 75+ | $130,000 | $462,410 | ~66% |
Source: Federal Reserve Survey of Consumer Finances, 2022. Includes all retirement accounts (401k, IRA, pension, etc.). Highlighted row = peak pre-retirement age group.
| Age Group | Average 401(k) Balance | Median 401(k) Balance |
|---|---|---|
| Under 25 | $7,351 | $2,816 |
| 25–34 | $37,557 | $14,933 |
| 35–44 | $91,281 | $35,537 |
| 45–54 | $168,646 | $60,763 |
| 55–64 | $244,750 | $87,571 |
| 65+ | $272,588 | $88,488 |
Source: Vanguard How America Saves 2024. Covers ~5 million Vanguard 401(k) participants. These figures represent 401(k) balances only — not IRAs or other retirement accounts.
Fidelity Investments publishes the most widely cited savings-by-age benchmarks. They assume a 15% savings rate starting at 25, a retirement at 67, and maintaining 45% of pre-retirement income from savings (with Social Security covering the rest).
| Age | Fidelity Target (× Salary) | Example: $80K Salary | Example: $120K Salary |
|---|---|---|---|
| 30 | 1× | $80,000 | $120,000 |
| 35 | 2× | $160,000 | $240,000 |
| 40 | 3× | $240,000 | $360,000 |
| 45 | 4× | $320,000 | $480,000 |
| 50 | 6× | $480,000 | $720,000 |
| 55 | 7× | $560,000 | $840,000 |
| 60 | 8× | $640,000 | $960,000 |
| 67 | 10× | $800,000 | $1,200,000 |
The average retirement savings figures you see in headlines — often $300,000–$600,000 — are misleading because the wealthiest 10% of households own the majority of retirement assets. A household with $5 million in retirement accounts pulls the average up significantly while having nothing to do with your situation.
Always compare yourself to the median, not the average. If you're above the median for your age group and income level, you're ahead of most Americans — even if you're below the Fidelity benchmark.
The 2025 limits give people over 50 significantly higher contribution ceilings. At 50+, you can contribute up to $31,000 to a 401(k) and $8,000 to an IRA — a combined $39,000 per year in tax-advantaged savings. At 60–63, the SECURE 2.0 "super catch-up" raises the 401(k) limit to $34,750.
Every year you delay Social Security past 62 increases your benefit by 6.25–8% per year. Delaying from 62 to 70 increases your benefit by approximately 77%. For a $2,000/month FRA benefit, that's the difference between $1,400/month and $2,480/month — for life, inflation-adjusted.
Working an additional 2–3 years does three things simultaneously: adds more to your portfolio, reduces the number of years your portfolio needs to support you, and may allow Social Security to grow. Research shows this is the single highest-impact lever for late-starters.
If you're within 5–10 years of retirement, having 2–3 years of living expenses in cash or short-term bonds protects your equity portfolio from being drawn down during a market downturn in your early retirement years — the most damaging scenario for portfolio longevity.
$300,000 at 55 puts you above the national median ($185,000 for ages 55–64) but well below Fidelity's 7× salary benchmark for a $50,000–$80,000 earner. At a 4% withdrawal rate, $300,000 generates $12,000/year. Combined with an average Social Security benefit (~$22,884/year), total income would be approximately $34,884/year — workable in low-cost areas but tight in most of the country. The good news: with 10+ years until retirement, aggressive catch-up contributions can significantly close the gap.
According to Federal Reserve data, approximately 15–18% of households near retirement age have $1 million or more in retirement savings. Among Vanguard 401(k) participants, only about 3–4% have reached a $1 million balance in that single account.
The average Social Security retirement benefit in 2025 is approximately $1,907/month ($22,884/year). For someone who earned above average wages their entire career and claims at 70, the maximum benefit in 2025 is $5,108/month.
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