Here's how much the average American has in retirement savings by age
While many Americans want to retire comfortably, it's a goal that may seem out of reach for some struggling to save due to the rising costs of housing and everyday expenses.
(NEXSTAR) – While many Americans want to retire comfortably, it's a goal that may seem out of reach for some struggling to save due to the rising costs of housing and everyday expenses.
According to a recent AARP survey, about 1 in 4 U.S. adults aged 50 and older say they never expect to retire and 70% are concerned about prices increasing faster than their income.
For those who plan to stop working, determining the right amount of money to set aside can be tricky as several factors come into play, like your spending habits, lifestyle, and location.
A GoBankingRates study, for example, found that you'd need over $1.1 million to fund a 25-year retirement in Miami, Florida, compared to nearly $570,000 in McAllen, Texas – based on the annual cost of groceries, housing, utilities, transportation, and healthcare costs.
One way to benchmark your savings is to see how you compare with others in your age range, though, as Edwards Jones points out, it won't "tell you how close you are to your goal."
"The relevant data point isn’t what others your age have saved but how much money you need yourself. The answer depends almost entirely on you, your habits now and your plans for later," the financial services firm noted on its website.
Data from the Federal Reserve's most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.
Below are the median amounts for individuals, categorized by age:
| Age Range | Median Retirement Savings |
| Under 35 | $18,880 |
| 35-44 | $45,000 |
| 45-54 | $115,000 |
| 55-64 | $185,000 |
| 65-74 | $200,000 |
| 75 or older | $130,000 |
The average retirement savings account balance for all families is higher, at $333,940, since the wealthiest households tend to drive the average up. This also applies to individual account balances, as illustrated in the following table.
| Age Range | Average Retirement Savings |
| Under 35 | $49,130 |
| 35-44 | $141,520 |
| 45-54 | $313,220 |
| 55-64 | $537,560 |
| 65-74 | $609,230 |
| 75 or older | $462,410 |
If you're looking for another way to track your progress, Fidelity developed a savings guideline that factors in your age and salary.
It says by age 30, you should aim to have the equivalent of one year's salary saved. So, if your annual salary is $60,000, your 401(k) balance should ideally be $60,000.
Here's the full guideline from Fidelity:
- By age 30: Save 1x your income
- By age 35: Save 2x your income
- By age 40: Save 3x your income
- By age 45: Save 4x your income
- By age 50: Save 6x your income
- By age 55: Save 7x your income
- By age 60: Save 8x your income
- By age 67: Save 10x your income
However, it's important to remember that while this can be a useful tool, it's not a mandate.
"These milestones are aspirational. You likely won't meet all of them," Fidelity explained on its website. "But they can serve as goalposts to help you make a plan to save enough to maintain your lifestyle in retirement."
The Associated Press and Nexstar's Addy Bink contributed to this story.