Here’s How Much People Have Saved for Retirement at Every Age

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How do your retirement savings compare to those of your peers? Thanks to the Federal Reserve, you can now find out.

The Federal Reserve has records dating back to the late 1980s that track the median amount of savings people have in their retirement accounts at various ages. That means you can find your age group and discover exactly where you stand compared to others.

There is one caveat to keep in mind: The Fed’s most recent numbers date to 2022, which was an awful year for the stock market. Since that time, stocks have surged, so retirement savings averages are almost certainly substantially higher than the numbers you will see here.

With that in mind, here is how much households led by people of various ages had saved for retirement as of 2022.

Under age 35

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Median retirement balance among households with a reference person in this age range: $18,880

Many younger folks have modest incomes and are just starting to save for retirement. As a result, the median retirement balance in this age group was quite low in 2022.

If you are ready to begin building a nest egg, check out Money Talks News founder Stacy Johnson’s podcast “How to Start Investing — No Matter How Much Money You Have.”

Age 35-44

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Median retirement balance among households with a reference person in this age range: $45,000

Folks in this age group have likely seen their earnings rise as their career heats up. However, these are also the prime years for raising a family, which can increase expenses and make it more difficult to save for retirement.

Age 45-54

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Median retirement balance among households with a reference person in this age range: $115,000

People in this age group typically have moved into their prime earning years, and many have seen their kids leave the nest. That means these folks can save more.

That might be at least one reason why Americans in this age group have retirement savings that more than double those of the preceding age group.

Age 55-64

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Median retirement balance among households with a reference person in this age range: $185,000

Folks in this age group are either approaching retirement or have actually entered into their golden years.

If retirement is just over the horizon for you, check out the “15 Tips for People 5-10 Years From Retirement.”

Age 65-74

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Median retirement balance among households with a reference person in this age range: $200,000

This is the first age group where people are more likely to be retired than not. If you are already in your golden years, you will want to read Stacy’s take on “The “Big 5” Retirement Risks and How to Conquer Them.”

Age 75 or older

Smiling happy senior talking on the phone and looking out the window
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Median retirement balance among households with a reference person in this age range: $130,000

Retirement savings tend to dip for people in this age group, as most are now spending down their nest egg instead of trying to enlarge it.

For more on how to wisely spend savings during your golden years, read “10 Tips for Managing Money in Retirement.”

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