Median retirement savings by age

Key takeaways

• Retirement savings benchmarks vary by age, with common guidelines suggesting you aim for savings of 1× income by 30, ranging up to 10× income at retirement age.

• Median retirement savings by age are significantly lower than averages (e.g., roughly $18,000 under age 35 vs. about $200,000 for ages 65–74), showing that many Americans fall short of recommended targets.

• A significant portion of Americans have little to no retirement savings, with about 25% of non-retirees having none at all.

• Starting early and contributing consistently is critical, as compound growth over time makes it easier to reach long-term retirement goals.

• Catch-up strategies, like reducing discretionary spending, maximizing tax-advantaged accounts, and using higher contribution limits after age 50, can help those who fall behind.

Whether you’ve just started thinking about saving for retirement, are creating a retirement savings plan, or have been putting money aside for years, you probably have a lot of questions: “How much savings will I need to retire?” “How much money should I have saved by now?” And, if you’re like most people, “Have I saved more or less than others my age?”

They're important questions – and the answers can help you to monitor your progress and keep your savings plan on track.

Key Facts on Retirement Savings

• The most recent Survey of Consumer Finances reports the average retirement savings for American households was $333,940, and the median was $87,000.¹

• According to that same survey, the median household retirement savings for Americans under age 35 is $18,880, while the median household retirement savings for those aged 65-74 is $200,000

• The recommended retirement savings at age 40 is 3X annual income.²

• As of 2025, 29% of American non-retirees have no retirement savings.³

• Starting at age 50, catch-up provisions in the tax code allow you to increase your annual contributions (by up to $7,500) to several types of retirement accounts.

Retirement savings benchmarks by age

Before you get too caught up in comparisons and worrying if you're saving enough (or too much), it's important to remember that if you ask a dozen professionals for their retirement planning and savings recommendations, you’ll probably get a dozen answers. So, think of the information below as guidelines rather than “rules.” And remember that individual retirement goals will influence the amount of money you should have saved by any given age. For instance, those who want to retire early and/or maintain an upscale lifestyle in retirement may need more savings; those who plan to retire at 67 or beyond with a more modest lifestyle may need less.

With those caveats, here are some age-specific benchmarks, including recommended retirement savings, average retirement savings, and median retirement savings. The figures for average and median savings — including funds in IRAs, Keogh plans, and employer-sponsored plans such as 401(k)s were taken from the Federal Reserve's Survey of Consumer Finances.

When reviewing them, it’s important to note that the average retirement savings figures (or retirement balances) or are skewed higher by upper-income Americans who have accumulated a significantly larger amount of funds than most. Median household retirement savings may actually provide a more accurate overview of where most “typical” households stand, as it is less affected by outliers with very high balances.

Under age 35⁶

Looking at the figures above, you can see that many — if not most — people under 35 are behind the curve when it comes to saving for retirement. The average salary of those aged 25 to 34 is $58,500, so this may be due to the fact that expenses — including student loan debt — can outstrip income from low- or mid-level jobs.⁷ It may also be due to a lack of experience with budgeting and financial planning.

Saving 1x your income by age 30 is recommended to harness the power of compound interest and prepare for a comfortable retirement.⁸ Start your retirement savings journey early, even with small amounts, and increase your savings rate gradually to achieve your retirement goals.

Catch-up tip: As they start their careers, families, and adult lives, people in this age group should consider creating a budget that includes at least some savings, then do everything in their power to stick to it. The easiest strategy? Cut discretionary spending on things like dining out or entertainment. The sooner the saving begins, the easier it will be to get on track.

Age 35 to 44⁹

Many people in this age group are in their peak spending years — when expenses may include supporting a family, starting a business or buying a home — but have yet to hit their peak earning years. As these figures show, the average savings number is relatively low compared to the median earnings level of $69,264, which means that many haven’t kept pace with recommended savings benchmarks.¹⁰ Fortunately, there’s still plenty of time to catch up. But what are some of the best ways to do it?

Catch-up tips: First, reduce discretionary spending as much as possible and dedicate the “extra” cash to retirement accounts. Next, if available, make sure to consider participating in an employer-sponsored retirement plan such as a 401(k). You’ll likely enjoy some tax benefits, but you may also get matching contributions from your employer. If you have any leftover funds, consider opening a traditional Individual Retirement Account (IRA) or a Roth IRA and/or purchasing cash value life insurance, which can build tax-advantaged cash value.

Age 45 to 54¹¹

Most retirement professionals would say that by the time someone has reached this age group, they should be well on their way toward achieving their savings goal. With a median annual income of $71,552, many recommend that people in this age group should have 6X their annual salary in their retirement accounts.¹² But despite that advice, 62% of these households report that they do not have any retirement savings.¹³

Catch-up tips: Fortunately, even at age 50, there is still time to build a sizable retirement fund. Many people will be in their peak earning years and able to put aside more funds than they might have been able to in prior years. Plus, once you reach age 50, catch-up provisions in the tax code allow you to increase your annual contributions to several types of retirement accounts, including 401(k)s, traditional IRAs, and Roth IRAs — so you can build your retirement fund even faster.

Age 55 to 64¹⁴

Ideally, everyone in this age group would have saved the recommended amount of 8X annual salary by age 60 or, at the very least, have made significant progress towards that goal.¹⁵ However, median household retirement savings figures don’t reflect this benchmark. Relatively high median income for this age group — $67,704 — may be a contributing factor.¹⁶

Catch-up tips: Those at the lower end of this age range who are lagging the savings recommendations still have an opportunity to reduce discretionary spending, max out retirement plan contributions, and take advantage of catch-up contributions to make up for lost time. Those at the higher end of this age range face a more challenging scenario and may want to consult a financial advisor for guidance.

Age 65 to 74¹⁷

This cohort includes many people who are verging on or already in retirement. Retirement savings typically peak in the 65-74 age range and begin to decline as individuals shift from accumulation to spending down of their assets. As you can see, with a median annual wage of $63,554, a large part of this group remains far below the recommended savings goal of 10X annual salary at age 67.¹⁸ The challenges presented by a shortfall will vary will depend on specific circumstances, but it’s safe to say that almost everyone would do better with more savings than less. If you need help figuring out how to do that, consider speaking to a financial advisor.

General retirement savings tips and guidelines

No matter what your age or how much you’ve saved to date, it’s a good idea to keep these basic savings tips and guidelines top-of-mind, even if some may seem like “no brainers”:

1. Don’t underestimate how much you’ll need

92% of retirees underestimate how much is needed to retire comfortably.¹⁹To get an accurate sense of how much you may need, start by looking at your current lifestyle and expenses for things like healthcare, food, travel, and housing.

2. Set a clear retirement savings target

Your financial goals, expected retirement age, and desired retirement lifestyle should guide your savings targets. Think about when you’d like to retire and the quality of life you hope to maintain. Use an online retirement calculator or consult a financial advisor to estimate how much you’ll need to save to achieve these goals.

3. Start saving early and consistently

Begin saving for retirement as soon as possible. The earlier you begin your savings journey, the more time your money will have to grow. Consistent retirement saving, even in small increments, can lead to significantly higher savings balances over time due to compounding interest. At the same time, don’t be discouraged if you’re starting late — catch-up contributions and focused saving can still make a big difference.

4. Maximize employer-sponsored plans and tax-advantaged accounts

If your employer offers a sponsored 401(k) plan, contribute enough to get the full employer match. Also, consider life insurance products that protect family finances and offer a cash value component, as well as other savings vehicles like annuities that may help provide tax advantages, especially if you max out on other retirement account contributions.

5. Increase contributions as your income grows

As your income increases, especially during peak earnings years, try to boost your retirement contributions. This helps you take advantage of higher contribution limits and accelerates your savings growth, especially during the catch-up phase after 50.

6. Review your progress and adjust your plan regularly

Life changes, and so should your retirement plan. Review your retirement plan at least twice a year, or after major life adjustments to adjust contributions and investments as needed to stay on track. Develop a plan before retirement for the most tax efficient way to withdraw money from your pre-tax and savings accounts.

7. Minimize outstanding debt

Nothing can derail a retirement plan as quickly as high-interest debt — especially from credit cards. Try not to carry more debt than you can handle and aim to retire debt-free if possible.

By following these guidelines and regularly monitoring your progress, you can better align your retirement saving efforts with your financial goals.

Guardian can help you get and stay on track

The information above can be a source of general help for estimating savings goals and developing a savings plan. However, your situation is unique, and there may be financial issues and questions that you need help with. For specific legal or tax advice, you should always consult with an appropriate professional; for help with general financial planning, consider talking with a financial advisor who has retirement planning experience.

If you don’t currently have such a person, Guardian can help. A Guardian financial advisor will listen to your needs, help define your goals, and work with you to better understand the retirement savings process and make the appropriate decisions. Here’s how to find someone near you: