Retirement Retirement Planning

Here's the Average Retirement Savings by Age - How Do You Compare?

Are you ahead of your peers or do you feel behind?

By Catherine Collins , Edited by Laura Hohenstein

Updated Aug. 27, 2026

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If you're not sure whether you're on the right track for retirement, it can help to know what the average retirement plan balance is by age. That way, you can check your accounts and compare them against the national average.

Here are some benchmarks to follow, as well as the average and median retirement amounts for several age brackets. If, after reading this, you realize you need to save more, there are tips at the end of the article to help.

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The gold standard retirement benchmark

According to Fidelity data, there are benchmarks workers should meet in each age bracket to retire comfortably and cover expenses.

Fidelity recommends that workers have one times their salary saved by the time they turn 30. By the time you turn 40, Fidelity recommends having three times your salary saved. Finally, they recommend having six times your salary by 50, eight times your salary by 60, and 10 times your salary by age 67.

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The difference between average and median retirement savings

Below, we're sharing the average and median retirement savings by age. It's important to differentiate between these two figures, because one gives a more accurate view of the average American worker than the other.

The average retirement savings is typically higher than the median. That's because the average is skewed upward by high earners who contribute a significant amount to their retirement savings. The median represents the middle number, with half of retirement savings above it and half below. The median is a more accurate representation of what the typical American worker has saved at each age.

The median and average 401(k) balances in your 20s and 30s

Though people in their twenties are at the beginning of their careers, this is the best time to start investing for retirement because of the power of compound interest. The earlier people start investing, the better.

People in their 20s have, on average, $125,180 saved for retirement, but the median amount is $44,627. Workers in their 30s have $223,429 saved on average, but the median is $81,314.

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The median and average 401(k) balances in your 40s and 50s

Those in their 40s and 50s are typically in the higher earning years of their careers. They are past the early stages of their career and have likely established themselves in the workforce. Many people in their 40s and 50s have higher expenses, though, especially for those responsible for caring for children or their parents. Those in this age bracket have to balance present-day needs with their future retirement goals.

People in their 40s have $425,142 saved for retirement, on average, but the median is $160,899. Those in their 50s save an average of $642,696, with a median of $252,501.

The median and average 401(k) balances in your 60s

Finally, once you reach your 60s, you'll likely contribute to your 401(k) for a few years before retiring. Then, people start withdrawing from their retirement accounts once they stop working.

For that reason, the average retirement account for people in their 60s is lower than that of those in their 50s at $582,546. The median balance is $191,372.

The right retirement target for you depends on many factors

If you don't meet the benchmarks Fidelity suggests, or you have less than the average amount saved for people your age, remember that the right retirement plan for you depends on many factors. Some people will require more savings based on their lifestyle choices, where they live, and whether they own their home outright when they retire.

Many people also have other sources of income, such as Social Security and pensions, and assets like a business or home equity they may tap into. These assets may reduce the amount necessary in their 401(k) accounts.

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Tips for saving more in your retirement account

If you want to save more in your retirement account, consider setting up auto-escalation if your employer offers it. With auto-escalation, your 401(k) will automatically increase your contributions each year by a small percentage.

Additionally, investing any bonuses or raises that you get can also help to increase your retirement savings. Make sure to take advantage of other employer-based benefits, such as employer matching.

How to get help with your retirement plan

If you're not sure how to optimize your retirement plan, consider working with a financial advisor.

Your financial advisor can help you understand the best contribution rate for you. They can also help you understand your employer's matching policy and calculate how much you need to save for retirement if you take advantage of catch-up contributions once you turn 50.

Bottom line

Ultimately, the numbers above are benchmarks. The right amount of nest egg for you will depend on your personal needs, when you want to retire, and how you want your retirement lifestyle to be. Hiring a financial advisor can help you plan for the future and avoid costly financial mistakes.

FAQs

What should I do with an old 401(k) after leaving a job?

Depending on the plan, you may be able to leave the money where it is, roll it into your new employer's retirement plan, or roll it into an IRA. Each choice can have different fees, investment options, tax implications, and protections, so it's worth comparing your options before moving the money.

Should I prioritize retirement savings or paying off debt?

It depends largely on the type and cost of your debt. High-interest debt can make it difficult to build wealth, while reducing retirement contributions could mean giving up an employer match or valuable time in the market. Some people choose to pursue both goals simultaneously rather than putting all their money toward one.

Should I include Social Security when calculating my retirement needs?

Social Security can be included as one potential source of retirement income. However, your expected benefit depends on factors such as your earnings history and when you claim benefits, so it's generally better to use an estimate of your own benefit rather than a generic amount.

Should I keep part of my retirement savings in a savings account?

It can make sense to keep cash you may need soon in an accessible savings account, but check the interest rate it pays. In one example, $40,000 earning 0.38% APY would earn about $6,183 less over four years than the same amount earning 4.00% APY, assuming both rates stayed constant. So the cost of leaving $40,000 in traditional savings could be significant. Money set aside for longer-term retirement goals may call for a different approach.

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