Retirement Account Balances by Age (2026 Data)

The average retirement savings by age in the United States ranges from about $49,130 for households under 35 to $609,230 for households aged 65 to 74, based on the Federal Reserve 2022 Survey of Consumer Finances. Averages run three to five times higher than the medians, so the typical household holds far less than these headline numbers suggest.

Last reviewed: August 2026 | Written and reviewed by Craig Wear, CFP®, founder of Q3 Advisors

What is the average retirement savings by age?

The average retirement savings by age climbs steadily from under $50,000 for households younger than 35 to more than $600,000 for households aged 65 to 74, then declines in the 75-and-older band. The table below pairs the average with the median for each age band, drawn from the Federal Reserve 2022 Survey of Consumer Finances, which combines 401(k)-style plans and IRAs among households that own a retirement account.

Source: Federal Reserve 2022 Survey of Consumer Finances (retirement accounts), released October 2023. Figures in 2022 dollars, among households that own a retirement account.

One caveat frames every number here: the 2022 survey remains the latest completed wave as of 2026. The Federal Reserve runs the survey every three years, and the 2025 wave had not been published as of mid-2026, so these are the most recent official household figures available. Roughly 54.3% of U.S. households owned any retirement account in 2022, with ownership peaking near 62% for households aged 45 to 54.

Average vs. median: why the average is misleading

The average retirement balance is misleading because retirement savings are highly skewed: a small share of very large accounts pulls the mean three to five times above the median. In the 55 to 64 band, for example, the 2022 average was $537,560 while the median was only $185,000. For benchmarking your own savings, the median describes the household in the middle of the pack, which is a more honest yardstick than the average.

Recordkeeper data shows the same skew. Vanguard reported that at year-end 2024, 28% of plan participants held balances below $10,000 while 16% held $250,000 or more (Source: Vanguard How America Saves 2025, Figure 52). When you read any headline about average retirement savings, check whether a median sits beside it. If only the average appears, the typical saver almost certainly has less.

Retirement account balances by age (2022 Federal Reserve data)

Retirement account balances by age, measured by the Federal Reserve, combine defined-contribution plans (401(k), 403(b), 457, and thrift savings) with individual retirement accounts (IRAs). The Congressional Research Service tabulated the 2022 survey in Report R48143 (July 29, 2024), adding the share of households that own an account alongside the median and mean. Defined-benefit pensions and Social Security are excluded.

Combined DC and IRA balances by age

Combined defined-contribution and IRA balances, as tabulated by the Congressional Research Service from the 2022 survey, rise from a median of $18,880 for households under 35 to $185,000 for the 55 to 64 band before easing after 65. Account ownership peaks near 62% in the 45 to 54 group, then falls to 47% for households 65 and older as some retirees spend down.

Source: CRS Report R48143, analyzing the Federal Reserve 2022 SCF. The CRS combines all households 65 and older; the Federal Reserve’s own published bands split that group into 65 to 74 and 75 and older (shown in the first table).

Why balances peak in your 50s and 60s, then decline

Balances peak for households in their late 50s to early 70s because that is when decades of contributions and market growth compound on the largest account values, just before withdrawals begin. Median combined balances rise to $185,000 for the 55 to 64 band and $200,000 for 65 to 74, then fall to $130,000 for households 75 and older as retirees draw income and required minimum distributions begin.

Average 401(k) balance by age (Vanguard recordkeeper data)

The average 401(k) balance by age, from Vanguard’s How America Saves 2025 report covering roughly 5 million participants at year-end 2024, rises from $42,640 for participants aged 25 to 34 to $271,320 for those 55 to 64. Because Vanguard measures only active plan participants rather than all households, it publishes both an average and a median for every age band, making the skew easy to see.

Source: Vanguard, How America Saves 2025, Figure 54, year-end 2024 recordkeeping data.

Vanguard’s overall median of $38,176 sits well below the Federal Reserve household median of $87,000. The two are not contradictory: the survey counts every account a household holds across all providers and years of rollovers, while a single recordkeeper sees only the balance in the plan it administers. Reconciling these figures is exactly why this guide pairs the household survey with recordkeeper data side by side.

Average balances by generation (Fidelity data)

Average retirement balances by generation, from Fidelity’s recordkeeping data as of March 31, 2026, rise from $18,000 in a Gen Z 401(k) to $260,300 for Baby Boomers. Fidelity publishes averages only, not medians, so read these as means. The pattern tracks age: each older generation has had more years to contribute and compound.

Source: Fidelity Learning Center, “Average retirement savings by age,” 401(k) data as of March 31, 2026. Averages only; Fidelity does not publish medians by generation.

Baby Boomers are the only generation whose average IRA balance ($286,700) exceeds their average 401(k) ($260,300). That flip reflects rollovers: as workers retire, 401(k) dollars migrate into IRAs, which is why IRA balances rise with age even as 401(k) participation falls.

How much should you have saved by your age?

A common benchmark holds that you should have roughly 1x your salary saved by age 30, building to about 10x by your late 60s. These are prescriptive targets, not descriptions of what people actually have, and they assume a goal of replacing around 80% of pre-retirement income together with Social Security. The rules of thumb below come from widely used retirement-planning guidelines.

Source: Fidelity age-based savings guidelines. Illustrative targets only; individual needs vary with income, spending, and other resources.

Comparing the average retirement savings by age above with these multiples shows the gap many households face: the 55 to 64 median of $185,000 is well under 8x a typical household income. For a target-by-age framework rather than actual balances, see our companion guide on how much you should have in your 401(k) by age, which focuses on the prescriptive side rather than the descriptive benchmarks here.

It is not just how much: which tax bucket is it in?

Two households with identical balances can face very different after-tax income if their money sits in different tax buckets. The Q3 Tax Diversification Lens measures how retirement dollars split across pre-tax, Roth, and taxable accounts. Within the measured IRA market at year-end 2025, the split was 82.8% traditional (pre-tax), 12.5% Roth, and 4.7% employer-sponsored (Source: ICI 2026 Investment Company Fact Book, Ch. 8; Q3 Advisors calculation).

Source: ICI 2026 Investment Company Fact Book, Ch. 8; shares are Q3 Advisors calculations. The employer-sponsored figure is a computed residual.

Roth adoption is age-stratified. Among Vanguard participants offered a Roth 401(k), the share electing Roth peaked at 21% for ages 25 to 34 and fell to 10% at 65 and older (Source: Vanguard How America Saves 2025). New money is shifting: Fidelity reported that Roth IRAs made up 67% of IRA contributions in Q1 2026, far above Roth’s 12.5% share of the existing stock. This matters because pre-tax balances are taxed as ordinary income on withdrawal and drive required distributions, while Roth withdrawals generally are not. Households weighing the trade-off often study Roth conversion planning, the question of how much to convert to Roth, and the break-even math on a conversion.

2026 contribution and catch-up limits

The 2026 contribution limits set how quickly you can add to a balance, and the catch-up provisions matter most for savers closing a gap near retirement. For 2026, the 401(k) elective deferral limit is $24,500 and the IRA limit is $7,500 (Source: IRS Notice 2025-67, November 13, 2025). Age-based catch-ups raise those ceilings substantially for workers 50 and older.

Source: IRS Notice 2025-67, effective for tax year 2026.

A worker aged 50 or older can defer up to $32,500 in a workplace plan for 2026 ($24,500 plus the $8,000 catch-up), and a worker aged 60 to 63 can defer up to $35,750 using the SECURE 2.0 super catch-up. The 50-plus IRA total reaches $8,600. Worked example: a couple both aged 60 to 63, each maxing a workplace plan at $35,750, can add $71,500 in a single year, plus up to $8,600 each to an IRA if eligible. This shows only the mechanics of the limits, not a recommendation, and Roth IRA eligibility phases out between $153,000 and $168,000 of MAGI for single filers and $242,000 to $252,000 for joint filers in 2026.

Is your balance enough?

Whether a balance is enough depends on the income it can produce, not the balance alone. A frequently cited rule of thumb withdraws about 4% in the first year, so $500,000 may support roughly $20,000 of initial annual income before Social Security, and $400,000 about $16,000. Whether that is sufficient depends on spending, other income, taxes, and how long the money must last.

Two tax items can reduce spendable income from pre-tax accounts. Required minimum distributions begin at age 73 (age 75 for those born in 1960 or later) and are taxed as ordinary income; see our overview of required minimum distributions for 2026. Larger withdrawals can also raise Medicare premiums through income-related monthly adjustment amounts (IRMAA), which add a surcharge to Part B and Part D when modified adjusted gross income rises above the annual thresholds. Because those distributions are ordinary income rather than net investment income, they do not by themselves trigger the 3.8% net investment income tax. Many investors approaching retirement review the timing of these items well before age 62, when the two-year Medicare lookback begins.

Frequently asked questions

What is a good retirement savings by age?

A common benchmark for good retirement savings is roughly 1x your salary by age 30, 3x by 40, 6x by 50, 8x by 60, and about 10x by your late 60s (Fidelity guidelines). These targets aim to replace around 80% of pre-retirement income with savings plus Social Security, though individual needs vary with spending and other resources.

How much does the average person have saved for retirement?

Among U.S. households that own a retirement account, the average balance was $334,097 and the median was $87,000 in 2022 (Federal Reserve Survey of Consumer Finances). The median is the better guide to the typical household, because a small number of large accounts pulls the average well above what most people hold.

What is the average retirement savings by age?

The average retirement savings by age was about $49,130 under 35, $141,520 for ages 35 to 44, $313,220 for 45 to 54, $537,560 for 55 to 64, $609,230 for 65 to 74, and $462,410 for 75 and older in 2022 (Federal Reserve Survey of Consumer Finances). Corresponding medians are much lower, from $18,880 to $200,000.

How much should I have in retirement by age 60?

A widely used benchmark suggests about 8x your annual salary saved by age 60. Actual balances are lower: the median combined balance for households aged 55 to 64 was $185,000 in 2022, with an average of $537,560 (Federal Reserve Survey of Consumer Finances). The right figure depends on your income, spending plan, and other retirement resources.

Is $500,000 enough to retire?

Whether $500,000 is enough depends on your spending and other income. Using a 4% first-year withdrawal rule of thumb, $500,000 may support roughly $20,000 of initial annual income before Social Security. For many households that combination can work, but the answer turns on total expenses, taxes on pre-tax withdrawals, and how long the money must last.

What is the median retirement savings by age?

The median retirement savings by age was $18,880 under 35, $45,000 for ages 35 to 44, $115,000 for 45 to 54, $185,000 for 55 to 64, $200,000 for 65 to 74, and $130,000 for 75 and older in 2022 (Federal Reserve Survey of Consumer Finances). The all-ages median among owning households was $87,000.

How much does the average 65-year-old have in retirement savings?

For households aged 65 to 74, the average retirement account balance was $609,230 and the median was $200,000 in 2022 (Federal Reserve Survey of Consumer Finances). The gap is large because a small number of very high balances lifts the average, so the $200,000 median better represents a typical household at that age.

Can I retire at 62 with $400,000?

Retiring at 62 with $400,000 may be possible for a modest-spending household. A 4% first-year withdrawal is about $16,000, and claiming Social Security at 62 reduces the benefit permanently. Whether it works depends on total spending, other income, and how the pre-tax and Roth mix is taxed. Many investors model these variables before deciding.

Sources

Federal Reserve Board, “Changes in U.S. Family Finances from 2019 to 2022” (2022 Survey of Consumer Finances), October 2023. Congressional Research Service, Report R48143, “Ownership of Retirement Accounts in 2022,” July 29, 2024. Vanguard, “How America Saves 2025,” June 2025 (Figures 51, 52, and 54, year-end 2024 data). Fidelity Learning Center, “Average retirement savings by age,” and Fidelity Q1 2026 Retirement Analysis (data as of March 31, 2026). Investment Company Institute, 2026 Investment Company Fact Book, Ch. 8 (year-end 2025 data). Internal Revenue Service, Notice 2025-67, November 13, 2025 (2026 contribution limits).